Market recovers on Wednesday, throwing some caution to the wind
The Indian market recovered on Wednesday and the Bombay Stock Exchange sensex rose by over 250 points. If the early trend continues the day is likely to end with good gains for some of the stocks.
Mumbai: The Indian market recovered on Wednesday and the Bombay Stock Exchange sensex rose by over 250 points. If the early trend continues the day is likely to end with good gains for some of the stocks. The mood was different following the demonetisation announcement and declaration of result of the US presidential election. The market had reacted with caution in the wake of these developments.
Various measures taken by the Union government to allay the fears and better availability of currency notes in banks and Automatic Teller Machines have largely contributed to the change in the situation.
Banks and some of the private companies have been the main gainers. The public sector major, State Bank of India's stock was up for the grab. However, it was not the only gainer in the banking sector. Some private banks too had their stocks going up.
Of the three private banks which saw a change , the Axis bank had its stock soaring by about five per cent. The ICICI and the HDFC were the other gainer.
A number of private players were also getting good response. The companies include Bajaj Auto, Hero Motocorp, and Infosys.
Public sector giants like Oil and Natural Gas Commission has also got good going so far.