Sensex, Nifty recover; private banks gain, ITC rebounds

14:19

Moneycontrol Bureau
Live Market Commentary
The market recouped losses in afternoon trade supported by private banks, capital goods and healthcare stocks.

The Sensex declined 30.87 points to 20,756.43, and the Nifty fell 8.20 points to 6,183.25.
About 1183 shares have advanced, 1112 shares declined, and 502 shares are unchanged.

Tirthankar Patnaik of Religare Capital expects the market performance in 2014 to be a 3G story of general elections, growth and inflation, and global backdrop.

"While politics and QE3 remain relevant, it's inflation that will drive market. We value the market at 14x FY16 earnings to arrive at a March 2015 Sensex target of 22,500," he adds.

Country's largest private sector lenders ICICI Bank and HDFC Bank recovered smartly, gaining 0.6 percent each, but rivals Axis Bank and State Bank of India slipped 1.6 percent and 0.9 percent, respectively.

Capital goods majors Larsen and Toubro and BHEL extended gains to 1.4 percent and 2 percent, respectively.

Auto stocks gained around with the Maruti Suzuki surging over 2 percent while Tata Motors, M&M and Bajaj Auto gained marginally.

Among healthcare stocks, Sun Pharma and Dr Reddy's Labs climbed a percent each.

However, shares of Reliance Industries, Infosys, TCS, ONGC and Hindustan Unilever slipped 0.6-1 percent.

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