Sensex back in green, recovers 21 pts ahead of IIP data

After a three-session losing spell, market benchmark Sensex today recovered over 21 points in a choppy trade to end at 28,082.34, helped by gains in metal, consumer durables and IT stocks as participants widened their bets ahead of macro economic data.
Optimistic purchases ahead of August IIP data due later in the day and investors' upbeat sentiment after the second US presidential debate indicated Democrat Hillary Clinton was having an edge over Republican nominee Donald Trump also influenced the domestic market.
However, participants were seen trimming their portfolios at every rise in view of holiday-shortened week as stock exchanges will remain closed tomorrow for "Dussehra" and on Wednesday for "Muharram".

"Domestic market was in a lacklustre mood ahead of holidays and traded within a narrow range but with a positive bias. Macro data like IIP (later today) and CPI & WPI (later this week) will be keenly watched, while the focus would be on Q2 results which start this week," Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services Ltd, said.
Metal stocks were back in demand on the bourses, tracking a firm trend in base metals in global market.
Among metal stocks, Tata Steel emerged top gainer by climbing 2.71 per cent to Rs 417.40, Vedanta surged 2.36 per cent to Rs 199.40, while Hindalco ended 1.65 per cent higher at Rs 160.65.

The broader NSE Nifty too regained the key 8,700-mark.

Globally, a firm trend was seen at Shanghai market which resumed trading after long holidays last week. Shanghai Composite Index rose 1.45 per cent, while Japan and Hong Kong financial markets were closed today for holidays.
European markets too were trading in positive zone in their afternoon deals and key indices like Germany, UK and France rose by up to 0.24 per cent.
The 30-share Sensex after opening higher at 28,144.28, advanced further to hit a high of 28,216.64. But it slipped partially to settle the session 21.20 points or 0.08 per cent, higher at 28,082.34.

The index had lost 273.41 points in the previous three sessions.
In domestic markets, financial stocks emerged top
performers as investors indulged in raising their bets.
Stocks such as Bank of India, PNB, Bank of Baroda, SBI, Canara Bank, Yes Bank, Federal Bank ICICI Bank, Axis Bank and HDFC Bank were the big movers of the day by surging up to 13.71 per cent, lifting the NSE Nifty bank by 3.49 per cent.
Among other gainers were Cipla 6.85 per cent, Coal India 4.91 per cent, Power Grid 4.38 per cent, ICICI Bank 3.91 per cent, Axis Bank 3.85 per cent, Adani Ports 3.63 per cent, Bharti Airtel 2.38 per cent and ONGC 2.22 per cent.

The BSE midcap index provisionally rose 1.65 per cent. The BSE smallcap index provisionally rose 1.75 per cent. Both these indices outperformed the Sensex.
Of the 30-share Sensex pack, 18 scrips ended higher.
Metal shares were in demand as copper price edged higher in the global commodities markets. Tata Steel was up by 9.27 per cent.
Among the laggards were Asian Paints 3.50 per cent followed by Hero Motoco 2.82 per cent, Lupin 2.34 per cent, HDFC 2.28 per cent, Infosys 1.80 per cent, Bajaj Auto 1.66 per cent and Maruti 1.33 per cent.
Among BSE sectoral and industry indices, metal rose 6.04 per cent, followed by bankex 3.63 per cent, telecom 3.36 per cent, utilities 2.78 per cent, power 2.69 per cent, finance 2.37 per cent, realty 1.99 per cent and capital goods 1.77 per cent. While IT fell by 0.72 per cent, auto 0.71 per cent and consumer durables 0.07 per cent.

The market breadth turned positive as 2,029 shares ended higher, 721 closed lower, while 132 ruled steady.
The total turnover on BSE amounted to Rs 3,737.42 crore, lower than turnover of Rs 5,465.90 crore registered during the previous trading session.