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The BSE Sensex rebounded Tuesday, recovering from the disappointment over Reserve Bank's decision to not cut rates yesterday. Investors also overlooked the downward revision of India's rating outlook by Fitch, announced post market Monday.
Stocks closed near the day's high, which is an indication of strength. Markets were choppy, but the Nifty index closed above the key 5,100 mark, boosting investor sentiments.
"In spite of the tremendous negative sentiment, markets seem to have recovered, and despite a downgrade by Fitch, markets have not broken below key support. The Nifty provides buying opportunity with a stop loss below 5,030," Manish Shah, technical analyst at Fortune Financial Services said.
Energy stocks (2.14%) led the gains on the BSE. State run oil refiners like HPCL (6.4%), IOC (3.5%), and BPCL (1.7%) saw buying interest on falling crude prices and a decision to postpone price cuts. Gas utility major (2.7%) and Reliance Industries (2.6%) also saw strong gains. RIL was the biggest contributor to the Sensex.
Shares in oil and gas major Cairn India (-1.25%) ended lower. The company's profit is hit on falling crude prices.
Defensive bets like FMCG (1.6%) and healthcare (1.1%) were back in focus as risk appetite declined after the RBI policy. Tobacco major ITC (2.5%), and drug maker Ranbaxy (1%) were among the top Nifty gainers.
37 of the 50 stocks on the Nifty index ended higher. Ambuja Cements (4%) was the top Nifty gainer. Infosys (-1.4%), India's second biggest software services exporter, was among the Nifty laggards.
The Sensex gained 154 points or 0.92% to 16,859.80, while the Nifty advanced 39.60 points to 5,103.85. The rupee traded off the day's low, at 55.94 against the dollar.
Among stocks moving on news flow,
Mobile phone carrier Reliance Communications (-2.5%) was the top traded stock on the CNX 200 index. It was also the biggest loser on this index. The stock came under selling pressure on the back of a downgrade by brokerage firm Veritas. It fell as much as 7% in intraday close, hitting a record low of Rs 59.45, but closed off the day's low.
Mining firms Sesa Goa (-2.9%) and Sterlite Industries (-1.6%) ended lower even as shareholders of the iron ore miner debated a merger proposal.
(With inputs from agencies)
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