Sensex rebounds 265 pts despite weak IIP data; banks in demand

Written by: Pti
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Mumbai, Feb 11 (PTI) Ignoring weak industrial productiondata, the BSE benchmark Sensex bounced back over 265 pointstoday, after three days of sharp decline, to 17,728.61 onbuying at lower levels in the recently dumped interest-ratesensitive stocks despite weak global trends.

The Bombay Stock Exchange 30-share barometer resumed theday higher but fell back by over 167 points from its lastclose to a new 8-month low of 17,295.62 on weakness in Asianstocks.

But investors began buying in the early afternoon sessionand Sensex recovered smartly to settle the day at 17,728.61,up 265.57 points or 1.52 per cent. In last three-day fall, ithad lost 574.15 points or 3.18 per cent.

Similarly, the NSE 50-issue Nifty also rebound 84.20points or 1.61 per cent to close at 5,310.00.

The spurt came despite the Index of Industrial Production(IIP) figures today showed that growth plunged to a dismal 1.6per cent in December 2010, compared to 2.7 per cent in thepreceding month and 18 per cent in the same month a year ago.

Interest rate related stocks from banking, consumerdurables, auto and realty were in the limelight. IT and Teckindices apart, which closed with minor losses, all the other11 sectoral indices ended in the green with a gain of between0.25 per cent and 3.50 per cent.

From the banking segment, Yes Bank, Federal Bank, AxisBank, BoB, ICICI Bank, PNB, Union Bank, Kotak Mahindra Bank,SBI and HDFC Bank rose between 6.22 per cent and 2.06 pc.


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