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Sensex surges on short covering rally; reclaims 21,000 pts

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Sensex surges on short covering rally; reclaims 21,000 pts
Markets ended the day sharply higher following a short covering rally in select banking stocks. The Sensex ended the day higher by 394 points (provisional), while the Nifty gained 107 points in trade, thanks to a near 4 per cent jump in Reliance Industries.

 

Among the top gainers in trade were the banking stocks with the Bank Nifty rallying almost 2 per cent in trade. Among the notable gainers from the banking stocks were HDFC Bank, ICICI Bank, Canara Bank and Union Bank of India.

Other Nifty stocks that rallied in trade were Reliance Industries which gained after the ministry approved a hike in gas priced with certain clauses. The stock ended the day higher by around 4 per cent.

State Bank of India was marginally higher after the bank reduced its home loan rates by 25 basis points.

Nifty stocks that gained in trade were Hindustan Unilever which gained 2 per cent, while other gainers were Mahindra and Mahindra, Wipro and Tata Consultancy Services.

Infosys ended the day higher despite reports that one of its senior executives had quit the company.

Real estate stocks were also in the limelight with notable gainers from the space being HDIL, Indiabulls and Unitech.

Mid cap stocks also had a good day in trade with GMR Infra, HDIL, JSW Energy, Reliance Power and Siemens.

Meanwhile, markets across Asia ended the day higher with the Straits Times, Seoul Composite and the Japanese Nikkei gaining ground.

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