Sensex rebounds 150 pts, Nifty above 10350; RIL, banks lead
Equity benchmarks opened sharply higher after correction seen in previous two consecutive sessions, backed by positive global cues and a bit of short covering in beaten down stocks.
The 30-share BSE Sensex was up 155.34 points at 33,374.15 and the 50-share NSE Nifty gained 48.30 points at 10,351.50.
Reliance Industries, Tata Motors, ICICI Bank, IOC, HUL, SBI, Vedanta, HPCL, Axis Bank, Sun Pharma, Bharti Airtel and Tata Steel gained 1-2 percent while Coal India, IndusInd Bank, Eicher Motors and Infosys were under pressure.
Nifty Midcap rallied 0.9 percent on strong market breadth. About five shares advanced for every share falling on the BSE.
Meghmani Organics, Bombay Dyeing, Petronet LNG, Muthoot Finance, Pidilite Industries, VA Tech Wabag, ITD Cementation and Voltas were up 1-10 percent post earnings.
Rain Industries reported very strong earnings growth, driven by structural changes in market dynamics for its carbon business. Consolidated EBITDA increased 49 percent YoY to Rs 673 crore, beating Motilal Oswal's estimate of Rs 500 crore by a wide margin, due to both stronger margins (USD 118 per tonne versus estimate of USD 85 per tonne) and volumes (475kt versus estimate of 425kt CPC volumes) in the carbon business.
IT firm HCL Infosystems said it has received a Rs 312-crore tax demand notice from GST Commissionerate.
Besides, an additional interest and an equivalent amount of penalty have also been imposed separately under the CENVAT Credit Rules, HCL Infosystems said in a filing to the BSE.
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