Wednesday, 9 October 2013

Markets surge on dip in trade deficit

After a weak start to the day, the markets rebounded sharply and ended the day with solid gains on the back of positive surprise from India's trade deficit data.

Trade deficit for the month of September surprisingly fell to a 30-month low of $ 6.76 billion. Also reports of the RBI likely to prefer NBFCs for the banking licences boosted the sentiment.

Back to the markets, the Sensex had dropped to a low of 19,827 in the opening deals - down 157 points from the previous close. However, the index eventually scaled a high of 20,278 - up 451 points from the week's low.

The Sensex finally ended the day on a strong note at 20,249 - up 266 points. The NSE Nifty surged 79 points to 6,007.

Among sectors, the BSE Realty index soared over 4 per cent to 1,315. The Healthcare, Bankex and Capital Goods indices were also up nearly 2 per cent each.

Sun Pharma was the major gainer among the Sensex 30 stocks, it zoomed over 5 per cent to Rs 645.
Bajaj Auto rallied 2.8 per cent to Rs 2,175. HDFC Bank and Infosys surged around 2.5 per cent each to Rs 649 and Rs 3,108, respectively.

BHEL, Tata Steel, Tata Power, Reliance, Larsen & Toubro, Hero MotoCorp and Jindal Steel also gained around 2 per cent each.

On the other hand, Wipro slipped over a per cent to Rs 477. Sesa Sterlite and Mahindra & Mahindra were also down a per cent each.

Read full market commentary here.

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