Market off day’s lows, Nifty above 8900; aviation stocks gain

The market rebounded from the day’s lows, with the Nifty reclaiming its 8900-mark in the afternoon session.

Investors are believed to be having a cautious stance overall ahead of the assembly elections’ results and exit polls.

The 30-share Sensex was down 93.50 points at 28906.06, while the Nifty was down 25.65 points at 8921.25. The market breadth was negative, with 958 shares having advanced, 1,720 shares having declined, and 154 shares were unchanged.

Banking stocks such as HDFC Bank, State Bank of India (SBI) and Yes Bank led the recovery, while ONGC, Tata Steel, Hindalco and Idea Cellular continued to lag the index.

Aviation stocks gained after the Delhi Government announced a massive cut in jet fuel tax to 1 percent from 25 percent. Jet Airways gained over 4 percent, SpiceJet was up nearly 4 percent, while InterGlobe Aviation was up 3 percent.

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