The 30-share index, BSE Sensex continued to trade strong on the back of strong worldwide markets, a sharp decline in crude oil rates and short-covering ahead of July series derivatives expiry.

All these positive signals helped several front line stocks to record handsome gains.

The stocks, which were beaten down after the central bank announced a rate hike got well to lead the rally.

At 12:37 pm, Sensex has gained 397.63 points at 14,189. 7, while the broad-based Nifty stood at 4290.40, up 100.55 points.

Stock market analysts have maintained ‘buy’ rating on Cairn India stock with an intraday target of Rs 233.

According to them, interested traders can purchase the stock around Rs 229 with a strict stop loss of Rs 226.

Shares of the company, on Tuesday (July 29), closed at Rs 228.21 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 20009511. The share price has seen a 52-week high of Rs 342.50 and a low of Rs 134.60 on BSE.

The outlook for the stock is very strong, and it will achieve the target price as the company has strong growth plans and strong operating capabilities.

Karvy Stock Broking Limited has maintained ‘Buy’ rating on Tata Steel stock with an intraday target of Rs 610.

According to Karvy, day traders can purchase the stock above Rs 592 with a strict stop loss of Rs 585. The stock pricing becomes more attractive, and reach above Rs 613, if the stock market remains on positive track.

Shares of the company, on Tuesday (July 29), closed at Rs 584.30 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 1667306. Current EPS and PE Ratio stood at 64.14 and 9.64 respectively. The share price has seen a 52-week high of Rs 969.80 and a low of Rs 469.04 on BSE.

Indian equities fell over 550 points, on Tuesday (July 29), because of CRR and Repo rate hike, hopeless worldwide signals and heavy selling action across the board.

The Reserve Bank of India (RBI) has raised the CRR (Cash Reserve Ratio) by 25 basis points to 9%. On the other hand, Repo rate has also been augmented by 50 basis points from 8.50% earlier.

However the Bank Rate kept unchanged.

After opening negatively (Tuesday, July 29) at 14,085.53, the 30-share Index slipped further on account of CRR and Repo rate hike news.

Karvy Stock Broking Limited has maintained ‘Buy’ rating on Reliance Communications (RCom) stock with an intraday target of Rs 520.

According to Karvy, day traders can purchase the stock between Rs 495-497 with a strict stop loss of Rs 485. The stock pricing becomes more attractive, and reach above Rs 523, if the stock market remains positive.

The 30-share Index, BSE Sensex lost over 400 points as the Reserve Bank of India (RBI) raised the CRR (Cash Reserve Ratio) by 25 basis points and Repo by 50 basis points.

At 11:59, Sensex stood at 13,907.92, down 441.19 points, while the broad-based NSE Nifty lost 103.45 points at 4228.65. It also touched a low of low of 13,903.69.

The overall market breadth was sharply negative as it experienced 886 progressions as against 1367 declinations.