Sensex rebounds 200 pts, Nifty above 10,400 in opening; metals shine

NMDC, Tata Steel, SAIL, JSW Steel, JSPL, Hindalco, and Vedanta rebounded with 1-4 percent gains.

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The market continued to trade higher, with the Sensex rising more than 200 points and the Nifty trading above 10,400 levels on positive global cues.All sectoral indices are in the green, with the Metal index rising 2 percent.

Asian stocks rallied, tracking gains seen in the US and Europe in the last session as concerns over a potential trade war faded.

Japan’s Nikkei 225 jumped 2.28 percent, with the dollar extending gains against the yen as trade-related fears abated.

Violation of norms for issuance of Letters of Undertaking (LoUs) to benefit billionaire jeweler Nirav Modi and his uncle Mehul Choksi had been going on since 2010, the CBI told a court.

The agency, which secured a 12-day remand of four accused arrested on Sunday, explained the modus operandi involved in the alleged Rs 12,636-crore Punjab National Bank (PNB) fraud before the special CBI court.

An LoU would be issued to one of the firms of Modi and Choksi, and after the money was credited to the applicants’ account, a new LoU would be obtained to “adjust” the earlier one, the CBI lawyer said.

This had been going on since 2010, the lawyer said, while seeking remand of four accused including Aniyath Shiv Raman Nair, Director of Gitanjali Group of Companies of Choksi.

Benchmark indices opened sharply higher on Tuesday after falling for previous four consecutive sessions, aided by positive global cues and short covering.

The 30-share BSE Sensex was up 213.48 points or 0.63 percent at 33,960.26 and the 50-share NSE Nifty gained 65.30 points or 0.63 percent at 10,424.20.

NMDC, Tata Steel, SAIL, JSW Steel, JSPL, Hindalco, and Vedanta rebounded with 1-4 percent gains.

About four shares advanced for every share falling on the BSE. The nifty Midcap index was up 166 points or 0.86 percent.

JSW Energy, IDBI Bank, Godrej Agrovet, VST Tillers and Ashok Leyland gained more than 1 percent while PFC and Idea Cellular were under pressure.

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