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Sensex surges on short covering; Software stocks, ITC rally

Sensex surges on short covering; Software stocks, ITC rally
Markets ended the day higher after a rally in software stocks and heavyweight ITC, helped push indices higher.

The Nifty closed the day with gains of 66 points, while the Sensex gained 240 points in trade (provisional). Among the notable gainers in trade today were the IT pack led by HCL Tech, TCS and Infosys Technologies.

Among the other notable gainers from the Nifty were Reliance Infra, BPCL, Bharti Airtel and Tata Motors.

Stocks that lost ground in trade were Bhel, Sesa Goa, Tata Steel and Power Grid Corporation. PSU Banking stocks which lost significant ground in trade today ended the day with sharp gains. Top gainers from the space were IDBI Bank, Indian Overseas Bank, Union Bank and Syndicate Bank rallied on short-covering.

Real estate stocks also saw a bout of short covering with notable gainers being HDIL and Unitech. Tech Mahindra shares rallied more then 3 per cent as today the shares of Mahindra Satyam seized to trade, after a merger with the company.

Tata Power rallied after its arm got a 50 MW solar photovoltaic project from NTPC. Meanwhile, most of Asia closed with gains except the Japanese Nikkei which dropped in trade todaty. Europe was trading with gains ahead of a meeting of the ECB.

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