Markets Rebound From 19-Month Lows; Banking Stocks Lead Gainers

Business

oi-Sunil

By Sunil Fernandes

Published: Tuesday, January 19, 2016, 9:27 [IST]

Benchmark indices opened the day higher bouncing from 19-month lows hit on Monday, as Asia saw a mild recovery.

Chinese GDP data did not surprise on the downside, which resulted in greater stability for global markets. The economy grew at 6.8 per cent in the fourth quarter, which was in line with estimates.

The Sensex was trading with gains of 66 points, while the Nifty rallied 19 points in trade. Reliance Industries, which slumped as much as 5 per cent on Monday saw a recovery in its share price. The company is slated to reported quarterly numbers later today.

Tata Motors was trading higher after reports that the company had received orders for trucks from the army.
Banking stocks after hitting fresh 52-week lows on Monday, saw some recovery in their share prices. ICICI Bank, Axis Bank and HDFC Bank were trading higher.

HCL Tech, which reported a good set of quarterly numbers saw a drop of 2 per cent in its share price.

Midcap stocks which were hammered out of shape on Monday, saw some recovery in their share prices. The index was trading with gains of near 1 per cent.

Asian Paints was higher by one per cent, after its results matched expectations. Meanwhile, markets across Asia were trading mixed with the Seoul Composite and the Strait Times trading lower, while the Shanghai Composite jumped in trade.

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