Sensex, Nifty gain over 1%; auto, durables stocks surge

Sensex, Nifty gain over 1%; auto, durables stocks surge

Sensex zoomed 146 points or 0.45% to 33,096.10 while the wider Nifty was up by over 39 points or 0.38% to 10,205.70.

On Friday, the benchmark indices were dragged lower by growing concerns over the country's widening fiscal deficit, coupled with negative global cues and profit booking in auto, metal and oil and gas stocks.

The gauge had tanked 891.50 points in the previous four sessions.

Major gainers on the Nifty were: UPL (+1.81%), Tata Motors (+1.79%), Bharti Airtel (+1.42%), Adani Ports (+1.31%) and IndusInd Bank (+1.31%).

Brokers said unabated buying by retail and domestic institutional investors and a firm trend in other Asian markets influenced sentiment here.

AK Steel Holding Corporation (NYSE:AKS) Sees Significant Decrease in Short Interest
World Asset Management Inc increased its holdings in AK Steel Holding Corporation by 2.5% during the 2nd quarter. Similarly, the Williams %R Value, for this stock stands at -97.297 - suggesting that the shares are Oversold.

"The recent correction in PSU banks provides an opportunity for investors to accumulate as the long term prospects remains strong owing to healthy recapitalisation".

However, broader gains were capped ahead of elections in Gujarat due this weekend, in a critical test for Prime Minister Modi. Here are the key highlights, which will affect the market today.

IRB Infrastructure Developers Ltd slid as much as 6.1 per cent after the company said the Central Bureau of Investigation has filed charges against it over alleged illegal purchases of government land. MSCI's broadest index of Asia-Pacific shares outside Japan was barely changed.

Asian markets retreated, with Japan's Nikkei falling 0.37%, Hong Kong's Hang Seng declining 1.01% and Shanghai Composite Index finishing 0.18% lower. Paris CAC fell 0.29% and Frankfurt's DAX shed 0.13%.

Overnight on Wall Street, the Dow rose 0.29 per cent, the S&P 500 gained 0.29 per cent and the Nasdaq 0.54 per cent.

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