Sensex makes a 136-pt rebound as bad loan fight paces up

Sensex makes a 136-pt rebound as bad loan fight paces up

The BSE Sensex made a strong recovery of 136 points at the start on June 22 on the back of a slew of steps by regulator Sebi to make markets more attractive for investments.

Asian cues remained mixed.

The 30-share index rebounded by 136.27 points, or 0.44%, to 31,419.91. Realty, metal, power and auto rose up to 1.09%, staying in the positive zone.

In the previous two sessions, the gauge had lost 27.93 points.

The NSE Nifty also moved up by 33.85 points, or 0.35%, to 9,667.45.

Sebi relaxed its takeover norms for restructuring listed companies with stressed assets, which is expected to bolster efforts in its fight against bad loans, among a host of key decisions made on June 21.

Some short covering helped stocks too bounce back.

HDFC Ltd, PowerGrid, Asian Paints, Tata Motors, Tata Motors DVR, Sun Pharma and Axis Bank were the major contributors to the recovery, gaining up to 1.37%.

Hong Kong's Hang Seng rose 0.18% while Shanghai Composite rose 0.72% in early trade on June 22.

Japan's Nikkei fell 0.10%. The Dow Jones Industrial Average ended 0.27% down on June 21.