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Nifty Closes Higher As Energy Stocks Recover
Benchmark indices gained ground in trade today, led by oil marketing companies and energy stocks, which rallied on buying support.
The Sensex ended the day higher by 271 points, while the Nifty ended the day higher by 73 points.
Leading the set of gainers were some of the beaten down names of the last few days, including the likes of Indian Oil and ONGC. Both these were among the top gainers from the Nifty.
Some analysts are recommending these stocks also for their strong dividend yields.
Stocks that reacted to results today was Axis Bank and Larsen and Toubro, both these stocks ended the day higher after results matched expectations.
Yes Bank was another stock that saw solid buying interest. The shares ended the day almost 5.5 per cent higher. Many retail investors have been buying the shares at lower levels.
Shares in Oil India rallied, following reports that Oil Minister Dharmendra Pradhan said that the telecom demands to Oil India is a 'miscommunication' and that he is in talks with Department of Telecom, according to Bloomberg report.
Meanwhile, Nifty stocks that remained weak today was Zee Entertainment, which dropped as much as 7 per cent in trade. UPL and Power Grid Corporation were the other stocks that dropped in trade.
