Markets End Higher On Short Covering Bounce

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    Benchmark indices ended the day higher on a short covering bounce and strong global cues. US officials downplayed the risk of a military conflict with North Korea, which led to a sharp recovery in European and Asian markets.

    Markets End Higher On Short Covering Bounce
    The Sensex ended the day with gains of  235 points, while the Nifty closed higher by 83 points. Leading the set of gainers from the Nifty were stocks like Cipla, Vedanta, Tata Steel and Eicher Motors.

    Shares in Reliance Communications jumped after reports that National Company Law Tribunal has passed order, allowing Aircel-Reliance Communications merger and Brookfield tower sale.

    Shares in BPCL reacted to a weakish set of numbers and the stock was down almost 3 per cent. Stocks from the Nifty that fell were Kotak Mahindra Bank and Infosys.

    Dredging Corporation ended the day higher after a vastly improved performance, wherein the stock gained 5 per cent in trade.

    Meanwhile, European stocks were trading significantly higher with gains of more than 1 per cent. This was following the huge fall that we seen in the last week. Indian markets would be closed on Aug 15 for the Independence Day celebrations.

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