Money on the markets

The stock market bounced back smartly today, gaining over 400 points to recover all of yesterday’s losses.

Short covering ahead of the derivatives expiry today helped the benchmark’s rise as it closed at 11,403.

ICICI Bank, India’s top private lender, gained nearly 9 percent and ended as the top Sensex gainer. It was followed by JP Associates (up 6.8 percent) and Sterlite Industries (up 6.7 percent).

Among sectors, IT led the pack. The info tech index gained nearly 5 percent helped by gains in Patni Computer and Infosys Techologies. The banking index ended with gains of 4.4 percent.

Overall, the market traded firm throughout the day and all sectors closed in the green.

Unitech, Suzlon Energy and JP Associates were among the top traded stocks in the Mumbai market.

With an over 17 percent rise in April, the Sensex has registered its biggest monthly rise in 10 years. Do you think the on-going political uncertainty is likely to dampen investor sentiments?