Sensex Rallies For Third Day In Row; Metals Bounce Back

Business

oi-Sunil

By Sunil Fernandes

Published: Thursday, March 3, 2016, 9:35 [IST]

Benchmark indices gained ground for the third straight day with the index gaining another 180 points on strong global cues. The Nifty added 54 points to trade at 7423 points, as metals staged a good bounce. Tata Metals, Vedanta and Hindalco led gainers in trade.

Banking stocks were trading mixed with ICICI Bank and State Bank seeing some early selling pressure, while Bank of Baroda gained. Tata Motors gained ground after its JLR sales in India grew by 54 per cent.

Infosys saw huge buying support with the stock gaining 2 per cent in trade, making total gains during the last two days to near 5 per cent.

Heavyweight, Reliance Industries also saw a good bounce in trade. The stock was up 1.5 per cent. ITC, which rallied a huge 8 per cent, a day after the Union Budget, managed to gain 1 per cent.

PSU Bank saw some profit taking with Union Bank, Bank of Baroda and Canara Bank among the early losers in trade. Midcap stocks also saw some buying support with notable gainers being Sun TV, Wockhardt and JP Associates.

Meanwhile, markets across Asia were trading higher, led by gains in the Japanese Nikkei and the Straits Times. The rupee opened at 67.40 to the dollar, continue to strenghthen since the Union Budget.

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