Euro Zone Ministers reach deal on Spain banks' bailout
Indian markets on Tuesday closed in the green, up about one per cent, following the extension offered to distressed Spanish banks on reaching deficit reduction targets.
The NSE Nifty ended the day at 5,345, up 1.3 per cent or 70 points. The BSE Sensex closed at 17,618, up 1.3 per cent or 226 points.
“The euro zone ministers agreed to grant Spain an extra year until 2014 to reach its deficit reduction targets and set the parameters of an aid package for Madrid's ailing banks,” said Mr Milan Bavishi, Head Research, Inventure Growth and Securities.
The rally in the Sensex was led by the Capital Goods, FMCG, auto and the banking sector stocks. On the BSE, the CG, FMCG, Auto and Bankex index were each up more than 1.5 per cent.
“Banks clearly led the rise. And that is generally the case when the markets show first signs of short to medium term bullishness. Rate sensitive auto stocks also showed buying interest. Globally, equity and commodities investors and traders are increasing watching out for any expectation of stimulus from US and monetary easing from China,” added Mr Bavishi.
Among the Sensex stocks, the top five gainers were Hindalco (up 2.7 per cent), Maruti (2.7 per cent), ITC (2.7 per cent), Tata Motors (2.6 per cent) and Sterlite Industries (2.5 per cent).
The top five laggards were Wipro (-0.4 per cent), NTPC (-0.03 per cent), Sun Pharma (0.1 per cent), Tata Power (0.2 per cent) and TCS (0.3 per cent).
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