Sensex rebounds as global markets rally on strong US data

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, March 21, 2014, 9:30 [IST]

Markets opened the day higher on firm cues across global markets after US data was encouraging and Fed fears on interest rates eased.

The Sensex was trading with gains of 64 points at 21,844 points, while the Nifty rallied 32 points in early trade.

Axis Bank was the top Nifty loser and lost more than 2 per cent ahead of the SUUTI stake sale.

Infosys was trading higher despite reports of another exit of a top level executive at the company. Other IT stocks like TCS and Wipro were also trading higher.

Nifty stocks that gained ground in trade were Bharat Heavy Electricals, Gas Authority of India and Maruti Suzuki.

Banking stocks continued to see buying interest with notable gainers being Canara Bank, Union Bank and Yes Bank.

Reliance Industries was trading higher despite reports that output from the KG basin had dropped after witnessing a rise in the last few months.

Claris Lifesciences which announced a buyback of shares saw buying interest with the stock up Rs 10 at Rs 190.

Mid cap stocks were higher for a third straight day with Adani Enterprises and Jain irrigation leading gainers from the space.

ITC continued to fall and was trading lower for a second straight day.

Meanwhile, markets across Asia were trading with decent gains led by the Hong Kong's Hang Sang and the Shanghai Composite.

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