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Banks led rally in markets.

Markets rebounded in early trade on Tuesday following profit taking in previous two sessions and positive Asian markets. The index, which lost 350 points since Friday, rose 161.17 points to 18,870.15.

The Nifty has rallied 47.55 points to 5,723.55.

Tata Motors, ICICI Bank, Axis Bank, SBI, Ambuja Cements, L&T, BHEL, Hindalco Industries, JSPL, JP Associates, Infosys, IDFC and Lupin gained in early trade.

Some auto stocks were under pressure the Ministry of Finance has reduced duty drawback rates on exports. Duty drawback rates on motorcycles, 3-wheelers and MHCVs have been reduced to 2% from 5.5% previously.

Bajaj Auto fell 2 percent while TVS Motor declined 1.2 percent. Ashok Leyland was down 0.6 percent.

DLF lost another 1.8 percent after shedding 7 percent yesterday due to corporate governance issue.

Bharti was down 0.5 percent and Idea Cellular went down 1 percent


 

 

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