Sensex, Nifty bounce back after early morning losses; Tata Steel, Apollo Tyres, Hero MotoCorp stocks gain

The stock market of India showed some signs of recovery as the Indian indices ended up regaining the early morning losses. The BSE Sensex went 83 points up after losing at 37,481 levels while the Nifty-50 index gained 32 points and closed at 11,118 levels. The Bank Nifty index soar 84 points and closed at 28,876 levels. Reliance Power, Reliance Infra, Mangalore Refinery and Zydus Wellness were among the major gaining stocks in the intraday trade while Coffee Day Enterpris, Sadbhav Engineering, JaiprakashAssociates, Bombay Dyeing and Allahabad Bank stocks were the major losing shares today.

Speaking on the market outlook Sanjiv Bhasin, Executive VP — Markets & Corporate Affairs at IIFL Securities said, "The markets is in oversold condition and if you minutely look at the recent selloff, the FII fuelled selling seems over and Indian indices can show recovery at any time. I am looking forward to some recovery from now at the Indian indices."

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Metal stocks led the bull run on Dalal Street as the BSE Metal index soared more than 2.5 per cent in the intraday trade. Metal major Tata Steel share price shot up 4.41 per cent, shares of Jindal Steel & Power soar 3.14 per cent, National Aluminium Company or NALCO stocks skyrocketed  3.29 per cent, Steel Authority of India (SAIL) scrip edged 2.4 per cent higher, Vedanta counter added near 2 per cent while JSW Steel shares jumped near 3 per cent today.

Auto stocks also witnessed some fresh buying as the BSE Auto index added near 1.25 per cent today. Auto major TVS Motor Company share price skyrocketed over 7 per cent, Hero MotoCorp shares soar 4 per cent, shares of Apollo Tyres skyrocketed 5.3 per cent, Ashok Leyland added 1.68 per cent, Bajaj Auto scrip went up 1.86 per cent, Cummins India and Eicher Motors added around 1.3 per cent while Tata Motors counter added near 1.7 per cent.

Among Asian markets, the Japanese Nikkei 225 index crashed 0.86 per cent, South Korean Kospi dipped 0.69 per cent, Hang Seng nosedived 1.31 per cent while the Shanghai market went southward 0.67 per cent in the intraday trade.