New Delhi: After a week-long carnage, stock markets seemed on a recovery track. On the second trading day of the week Sensex gained over 304 points in early trade.
Markets gained largely on the back of revival of buying interest by domestic as well as foreign funds, triggered by firming Asian markets.
The BSE index, Sensex, which had been in the negative zone since the presentation of the general budget, rebounded by 304.77 points at 12,719.81 in the first five minutes of trade. It had lost nearly 1,065 points since February 27.
Market observers said apart from funds buying, heavy short-covering by speculators too gave push to the recovery in stock prices.
Nifty index on the National Stock Exchange was up by 89.05 points, or 2.2 per cent at 3,665.55.
The markets recovered as funds and general investors turned buyers at lower levels, gathering blue-chip stocks.
Reliance Industries, Reliance Capital, Infosys Technologies, ACC, Gujarat Ambuja Cement, ITC Ltd, ICICI Bank, HDFC Ltd, Tata Motors remained gainers.
Wall Street finished lower amid worries about mortgage defaults, a strengthening yen and tumbling stock markets abroad. The Dow Jones fell 63.69 points, or 0.53%, to 12,050.41.
Market cues
>FIIs net buy USD 73.3 million in equity on March 2
>MFs net sell Rs 208 crore (Rs 2.08 billion) in equity on March 2
With moneycontrol inputs
Comments
0 comment