Sensex recovers; RIL, BHEL, SBI, Bharti lead
03 November 2011
The BSE benchmark has recovered all losses led by support from Reliance Industries, Bharti, BHEL, SBI and NTPC. European markets too turned flat after initial fall of 1.5-2%. It seems that the market has priced in all negative news about Greece and now it is waiting for G-20 Summit for a conclusive decision. The 30-share BSE Sensex rose 40 points to 17,504 and the 50-share NSE Nifty gained 9 points to 5,267.
Buying in Reliance Industries, BHEL, Bharti, SBI and NTPC was quite supportive to the market; respective stocks rallied 1.3%, 3.9%, 2.3%, 1.22% and 1.1%. Tata Power jumped 3%.
However, in the technology space, Infosys, TCS and Wipro were down 0.5-1.3%. Private banks like ICICI Bank and HDFC Bank slipped 0.2-0.65%.
In the metal space, Tata Steel, Sterlite Industries and Hindalco lost 1-1.6%. Heavyweight L&T fell 0.5%. Tata Motors and HUL were down 1-2%.
However, Greek government has lost its majority ahead of confidence vote and ruling party lawmaker calls on prime minister to resign. Post this news, banking stocks tumbled over 5% due to political crisis. Greek PM calls emergency cabinet meeting.
Peripheral markets: Athex Composite (Greek) fell over 2%. IBEX (Spain) and FTSE MIB (Italy) lost 1.6% each.