Sensex, Nifty rebound amid mixed global cues; Axis, SBI gain

Banking & financials, telecom, metals and select auto stocks helped equity benchmarks turn positive in afternoon trade. The 30-share BSE Sensex rose 25.57 points to 26739.50 and the Nifty gained 6.55 points at 8186.50.

The broader markets outperformed benchmarks despite weak market breadth. The BSE Midcap index gained 0.4 percent and Smallcap rose 0.2 percent while about 1366 shares declined against 1115 advancing shares on Bombay Stock Exchange.

Coal India (up 4 percent), Tata Motors (up 1.25 percent), Axis Bank (up 1.39 percent), SBI (up 1.4 percent), Tata Steel (up 1.5 percent), Bharti Airtel (up 1 percent), Adani Ports (up 1.6 percent) and Hero Motocorp (up 1.5 percent) were leading gainers while ITC, Wipro, Lupin and Bajaj Auto fell 1-2 percent.

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Posted in: Indian Market Tips