The Hindu Business Line : Sensex recovers lost ground

ON Wednesday, the markets bounced back after witnessing steep fall in the past two days on the back of disappointing results from the software majors.

The rally in the Asian and US markets coupled with renewed buying in the frontline stocks of Infosys, Wipro, Reliance, TISCO, ONGC and Hero Honda helped the markets regain their lost ground.

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The benchmark indices were on their rally as the Sensex closed at 6243.7,gaining 1.7 per cent, while the Nifty closed with a gain of 1 per cent.

The undertone in the market was positive which was reflected in the advances to decline ratio at 0.9. There was broad-based buying across the sectors with metal, auto, oil, cement, bank and tech stocks putting up significant gains.

The tech stocks saw intense trading activity across the counter with the stocks of Infosys, Wipro and Satyam gaining significantly. In the mid cap space, the stock of Polaris Software Labs gained by 1.1 per cent after it announced its plan to buy back stock from shareholders. TCS was a major loser, losing by around 8 per cent following the disappointing results announced by the company on Wednesday.

There was hectic activity among the auto and auto ancillary stocks which put up a smart show. J K Industries was the biggest gainer whose stock surged up by 10 per cent followed by Maruti Udyog, M&M, Bajaj Auto, Sundaram Fasteners, Asahi India and CEAT, which ended in the positive territory.

The other prominent gainers were Tata Motors, HLL, National Aluminium, Colgate, Zee Telefilms, Tata Power and Television 18.

Those in the losers' pack were Oriental Bank, BHEL, Tata Chemicals, VSNL, ITC, Dabur and Hindustan Petroleum.

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