Ahead of IIP numbers, Sensex rebounds 88 pts on value buying

After staying volatile for the day, the BSE benchmark Sensex surged nearly 88 points ahead of key factory data as Greece raced towards securing a bailout deal in a last-ditch effort to avert bankruptcy.
"Expectations of a Greece resolution and a bounceback in Chinese indices gave a positive bias to Asian markets, but Indian markets remained in a tight range as traders were less inclined to push prices as Q1 numbers and several economic data releases are scheduled shortly," said Anand James, Co-Head Technical Research Desk, Geojit BNP Paribas.
The 30-pack index moved between 27,729.46 and 27,530.90 before settling at 27,661.40, up 87.74 points, or 0.32 per cent.

The 50-share Nifty too climbed 32 points, or 0.38 per cent, to end at 8,360.55.
Index of industrial production numbers are scheduled to be released after the trading hours.
Sentiment turned for the better after European markets rallied on improved prospects of a Greek deal this Sunday. The smart rebound in Chinese stocks only added to the feel-good factor.

As a result of this, investors resorted to value buying in beaten-down stocks, including financials, metal, capital goods, oil & gas and pharma.
Technology stocks proved to be a drag, which saw intense selling, post muted quarterly numbers from TCS.
Among index heavyweights, Vedanta was the top gainer while others such as Sun Pharma, BHEL, HDFC Bank, RIL and L&T ended in the green.

Out of 30 Sensex components, 16 advanced and 14 lost.
Sector-wise, banking stole the thunder, up 1.15 per cent, followed by healthcare, capital goods, metal and oil & gas.
Broader markets BSE small-cap and mid-cap indices closed with modest gains.
Globally, a higher closing at most other Asian markets provided additional momentum to the Indian stocks. Shanghai Composite jumped 4.54 per cent on the back of new government measures to tame the market decline.
Hang Seng was up 2.08 per cent while Kospi added 0.83 per cent.
European markets are also trading sharply higher.