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Journalism of Courage
Bulls came back with vengeance on Wednesday as the market recouped most of Tuesday’s losses caused by further monetary tightening by the Reserve Bank of India. A rally in global equities and fall in oil prices aided the rebound on domestic bourses. The BSE Sensex jumped 496 points or 3.59% at 14,287.21. The broad-based S&P CNX Nifty jumped 123.70 points or 2.95% at 4,313.55.
Banking stocks bounced back from Tuesday’s steep fall. Metal, IT and realty and power shares also gained. HDFC, Tata Steel rose more than 7.5% while Tata Power Company and Reliance Infrastructure rose more than close to 7% each. “We responded positively to global cues and more importantly the fall in oil, which is the root cause of global inflation,” said K K Mittal, head of portfolio management services at Globe Capital.
