The market ended higher after wild swings after the Nifty re-conquered 7400 on short-covering. The Nifty was up 42.20 points or 0.6 percent at 7404. The Sensex was up 115.11 points or 0.5 percent at 24338.43. About 1074 shares advanced, 1571 shares declined, and 126 shares were unchanged.
European markets push and rising oil also boosted market sentiments today. Brent crude stabilised near USD 35 a barrel, after earlier adding to the previous session’s 7 percent jump, as support from a weaker dollar offset concern about ample supply and record-high US inventories.
Neelkanth Mishra, India Equity Strategist for Credit Suisse thinks Indian economy is looking in much better shape than it was earlier. In an interview with CNBC-TV18, Mishra said he was seeing traction in a number of sectors such as cement and plastics and said investors should stay away from stocks that have global exposure.
Meanwhile, shares of steel companies rallied in late trade. China is finally easing steel capacity. Steel makers in India have been crying foul over cheap Chinese imports flooding the markets and the government has put many safeguards including duty hikes. China has decided to cut its steel capacity by a whopping 150 million tonnes over 5 years. Metal index was up 2.5 percent from previous close.
Hindalco, ONGC, L&T, Adani Ports and Tata Motors were top gainers in the Sensex.
Bajaj Auto has reported third quarter numbers. The street did not expect any positive surprises from auto major and the company didn’t spring any either. Margins were in line with estimates and profits got a boost from other income but weak exports continue to be a drag. Bajaj Auto ended 2 percent lower.
Among losers were Lupin, NTPC, Cipla and SBI.