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Markets rebound. Maruti regains 7%

Markets have seen a rebound after falling heavily for the past two consecutive sessions. A bit of short covering has been seen across the counters.

The Nifty has gained 28 points with the index standing at 6154. The Sensex has gained 80 points to trade at 20763.

Maruti SuzukiShares of Maruti have seen a surge of 7% to trade at 1676.20. The stock had seen some hammering in the previous sessions, with its Japanese JV partner Suzuki planning to go on its own in one of the auto plants in India. Under this new arrangement, Maruti will now have to buy the cars from the Suzuki plant in Gujarat, once it becomes operational.

Pharma stocks have also seen good recovery. Sun Pharma has seen a surge of nearly 3%. Ranbaxy is up by 2.3% at 325.20

BPCL, BHEL and Cipla have all seen gains of over 2% each.

On the losing side are the metal counters, with Tata Steel correcting 1.7% to trade at 360.25. SSLT, Hindalco have also seen cuts of over 1%.

PSU Banking major SBI is down by 1.3%. Other banking and financial stocks are also trading in the red.


 

 

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