Business & Finance

Sensex bounces back

Markets rebounded sharply in late trade, bulls kept bears completely under control. It has broken three consecutive days losing streak. Nifty and Sensex have bounced back above 4100 and 13500 levels, respectively. Realty, banking, metal, capital goods, technology, telecom, power and oil were top performing sectors, especially realty stocks spurted up smartly. European markets played key role in today's session. Reliance Ind, Infosys, HDFC, L&T, ICICI Bank, ONGC, DLF and Bharti Airtel were top contributors in both indices. The Sensex shot up by 750.63 points or 5.79% to touch an intraday high of 13,712.31, which was the highest intraday absolute gain for Sensex since March 25, 2008. It closed with a gain of 702.94 points or 5.42% at 13,664.62. Nifty has hit a high of 4107.15, gain of 210.40 points or 5.4% over previous close. It was up 196.6 points or 5.05% to settle at 4093.35. Market breadth was positive; about 1660 shares have advanced while 1241 shares declined. Nearly 232 shares are unchanged. DLF was the top star in today's trade after the news that its board in meeting on July 10 will consider buyback plan. While discussing reasons of buyback on CNBC-TV18, Ramesh Sanka, CFO of DLF says that the share price is not reflecting intrinsic value of the company. Internal cash flow generation and low share price are key triggers, he said. Oil & Gas stocks like RNRL, ONGC, Essar Oil, Petronet LNG and Reliance Industries surged 5-13%.