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Markets Gain For 5th Straight Day; Hindalco Surges 12%
Benchmark indices ended the day higher for the 5th straight day, led by strong gains in metal and mining stocks. Individual stocks that reacted to their results also saw good buying support.
The Sensex ended the day with gains of 72 points, while the Nifty closed higher by 21 points. Leading the set of gainers in trade were stocks like Hindalco and Coal India.
Aluminium major Hindalco rallied 12 per cent, after the company reported a superb set of results, while Coal India rallied 4 per cent after the company hiked the prices of Coal.
State Bank of India gained as much as 2 per cent after the Bank's stock was upgraded by a number of brokerage firms.
Among the losers from the index stocks were Bhel, HDFC, Sun Pharma, Tata Steel and Maruti. Shares in Bajaj Electricals dropped after profits at the company dropped.
Crompton Greaves gained ground after the company said that its quarterly losses had narrowed. The stock surged 11 per cent in trade.
Shares in Mahindra & Mahindra rallied after markets had already pricing in lower-than-expected earnings in Q4. Meanwhile, the rupee was trading marginally weak.
Precious metals like gold and silver continued to drop, with both falling for the third successive day. There are worries that the US Fed would hike interest rates, which is not good for gold.
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