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Markets rally. Reliance, SBI move up.

Markets have recovered early losses to end higher, giving a pause to the two-day continuous fall. The rally was led by a recovery in blue-chip shares such as Reliance Industries while bank shares such as State Bank of India gained on hopes of government capital infusion.

Markets were also excited after RBI Governor DV Subbarao expressed that the government needs to infuse 900 billion rupees into state-run banks to maintain majority shareholding under Basel III regulations.

State Bank of India gained over 1.31 percent, while the PNB shot up by 1.2 percent. Bank of India surged up by 2.64 percent, after this remark was made.

Market leader Reliance Industries also rose in the trade. The stock was up by 2.2%.

Reports of possible hike in the fuel prices by the government, have led the oil company stocks to move up . Hindustan Petroleum Corp advanced 2.33 percent, while Bharat Petroleum Corp added 1.77 percent.

Zee Entertainment moved up by 4.9%, Sun TV was up by 0.82% and Dish TV shares ended 6.3 percent higher.

RCOM was up by 4.7%.


 

 

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