Markets rebound; Bankex leads

The markets have staged a smart recovery in the past one hour of trade on back of buying in consumer durables, banking and auto stocks.

The Sensex was at 17,500 higher by 37 points and the S&P CNX Nifty added 13 points at 5239.

HDFC was the top gainer on the Sensex, the stock was trading higher by 2.5% at Rs 612. tata Motors added 1.7% and was at Rs 1121. NTPC, Bajaj Auto, HDFC Bank, Larsen & Toubro, ICICI Bank and Sterlite Industries were also trading higher by 1-1.5% each. On the other hand Hindalco Industries, Reliance Communication, Tata Steel, Reliance Infrastructure, Tata Power, Bharti Airtel and ONGC were among the losers.

On the sectoral front BSE banking index- Bankex was higher by 150 points to 11,592. BSE Consumer Durable index added 1% or 54 points at 5446. Auto, healthcare, capital goods and FMCG stocks also witnessed a round fresh buying. While the metal and IT stocks continued to reel under the selling pressure, the BSE Metal index was lower by 285 points at 14,953 and the IT had shed 49 points to 6098. OIl & as, PSU, Power and Realty indices were also in the negative zone.

Among the consumer durable stocks Whirlpool was the top gainer, up nearly 7% to Rs 219. Gitanjali Gems, VIP Industries, Rajesh Exports, Blue Star and Bajaj Electricals were also among the gainers. Yes Bank was the top gainer on the banking charts followed by IDBI Bank, Axis Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Union Bank of India. higher by 1-3% each.

The broader markets were also trading higher, the BSE mid-cap index added 0.7% or 74 points at 6338 and the small-cap index was higher by 64 points at 7649.