Markets rebound as investors cast wide net for value

In-demand financial stocks drive the rally

- SUNDAR SETHURAMAN

Domestic markets recovered after closing at their lowest level in four months, as investors opted for value buying, judging recent losses to be excessive.

Attractively valued financial stocks led the gains, while metal stocks also emerged among the top gainers amid optimism regarding China.

The S&P BSE Sensex ended the session at 79,477, gaining 694 points, or 0.88 per cent. The National Stock Exchange Nifty closed at 24,213, up 218 points, or 0.9 per cent. Both indices posted their best single-day gain since September 20. The gains were broad-based, with 2,468 stocks advancing and 1,478 declining. The broader Nifty Midcap 100 rose by 0.6 per cent, while the Nifty Smallcap 100 increased by 0.4 per cent.