The market recouped early losses, led by short covering in FMCG, pharma and oil stocks. The Sensex gained 78.05 points at 28260.19 and the Nifty rose 23.30 points to 8552.75. The broader markets also gained with the BSE Midcap and Smallcap indices up over 0.4 percent. About 1054 shares have advanced, 637 shares declined, and 106 shares are unchanged on the Bombay Stock Exchange.
Volatility is here to stay in the near term on account of international factors such as Greece and Federal Reserve action (rate hike) and also domestic cues such as monsoon and the ongoing earnings season, said Naina Lal Kidwai, Country Head, HSBC India, Director, HSBC Asia Pacific. Sun Pharma and Hindustan Unilever rebounded sharply on short covering, up 2 percent each. Sun Pharma issued profit warning for FY16 on Monday and HUL disappointed street on bottomline front. Shares of HDFC, Reliance Industries, M&M, ONGC, Bajaj Auto and Cipla gained 0.9-1.6 percent. However, Infosys saw profit booking, down 1.6 percent after rising 11 percent in previous session post earnings. Vedanta dropped more than 2 percent.
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