Sensex gains 250 points to regain 15,000 psychological level

The markets rebounded sharply after a fall yesterday. Major indices were up between 1-2%.

Among the global indices, Europe was trading in positive territory. In Asia, the Nikkei was up 0.16%, the Hang Seng 0.84%. Chinese markets which had pulled the region down yesterday also rebounded to end the day with gains of 1.40%.

The Nifty was up 71 points to end the day at 4458.90. There were 39 advances amongst the index companies while 11 ended the day with losses. On the previous day, all fifty of the Nifty companies had been in decline.

Hindalco was the top gainer of the day, it was up 6.28% to close at Rs.106.55. Siemens was up 5.09%, closing at Rs.453.50.

HCL Tech was the top loser of the day. It went down 1.15%. It ended the day at Rs.257.40. Cipla, Unitech, Tata Communications and Infosys also showed marginal losses for the day.

The Sensex was higher by 250.34 points, retracing some of the 600 point loss it had seen yesterday. It closed for the day at 15,035.26. Capital Goods was the top gainer of the day. It gained 3.64%. Realty and Metal also ended with gains. They were up 2.39% and 2.30% respectively.

The bounce-back in the sectoral indices follows their performance in the previous session, when Realty and metals had been especially beaten down, said experts. Analysts suggested that metals also received support from strengthening prices.

The market bounce-back was along expected lines but faces resistance going forward, said a report from Ambit capital. "There could be a continuation of today’s bounce but the Nifty would face resistance above 4520. Any such bounce should be used as a selling opportunity," said the report authored by Ashish Shroff.