Though the market was negative today at opening,it was traded with the same negative bias in the forenoon session.But
the market recovered sharply from day's low driven by short covering in banks but the benchmark indices failed to close in the green.
The 30-share BSE Sensex fell 276 points intraday following weakness in Asia and US and amid increase in the PNB fraud amount but the recovery in banks in later part of the session helped the index close off day's low
Nifty Bank index was back above 200-DMA, recovering 360 points from day's low to end 113 points higher.
Nifty PSU Bank index also recovered sharply, rising 1.75 percent at close despite the Punjab National Bank fraud amount increased to 13,640 crore from earlier estimate of 12,700 crore.
IDBI Bank, Andhra Bank, OBC, Union Bank, Syndicate Bank, Allahabad Bank, Indian Bank, Canara Bank, Bank of Baroda, Yes Bank and PNB rallied 1-10 percent.
ICICI Bank, SBI, HDFC Bank, Axis Bank and IndusInd Bank gained 0.2-0.9 percent.
We expect one media stock will be set for an accelerated run tomorrow!
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