Sensex rebounds - ICICI Bank, Bharti, SBI lead

Mumbai: The Sensex rebounded after a fall in previous three sessions, starting a trade with 50 points gap up on the last session of year 2011 on Friday. It was aided by positive global cues post bullish US housing and employment data. Major Asian markets like Shanghai, Nikkei and Hang Seng were up 0.4-0.8 per cent.

The Sensex was up 50 points at 15,594.16 and the Nifty went up 16 points to 4,662.10.

Shares of ICICI Bank, L&T, SBI, Infosys, Reliance, ONGC, Maruti Suzuki, Ranbaxy, Tata Motors, JP Associates, BHEL and Bharti Airtel were leading the markets.

However, HDFC, Kotak Mahindra Bank, Jindal Steel and Sun Pharma were down.

The CNX Midcap rose 29 points to 6,107. The market breadth too was positive; about two shares advanced for every share falling on the National Stock Exchange.

In the second line shares, GTL shot up 4 per cent after the board members approved corporate debt restructuring plan. GTL Infra gained 2 per cent.

Godrej Properties rallied 2 per cent as the company sold 49 per cent stake in arm developing Gurgaon project to SUN-Apollo.

Firstsource, PFC, Hotel Leela, Jyothy Labs, GVK Power, IVRCL, Yes Bank, Shree Renuka, Bajaj Hindusthan, Balrampur Chini and REC gained 1-4 per cent.

Jaypee Infra, IFCI and GMR Infra slipped 1-2 per cent.

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