The Sensex opened with a negative gap of 34 points at 13,894, and dropped to a low of 13,850 in morning deals on weak global cues. And then the Reddy magic happened.

After RBI Governor Y V Reddy announced there are no rate hikes in the Credit Policy for 2007-08, the markets took off... After hitting a high of 14,197 (an intra-day gain of 347 points), the Sensex finally closed with a gain of 208 points (1.5%) at 14,136. The NSE Nifty gained 57 points to close at 4,142.

The BSE Bankex zoomed over 4% to 7161. The BSE Auto Index gained 1.7% to 4882.

The broad market mood was netural -- out of 2,627 scrips traded, 1,279 declined and 1,273 advanced on Tuesday.

Index Gainers & Losers

SBI led the rally from the front, and the stock zoomed nearly 7% (Rs 73) to Rs 1,133. ICICI Bank gained 3.7% to Rs 950, and HDFC Bank moved up 2.6% to Rs 1,014.

Auto scrips also aided the upmove today. Maruti added 3.5% to Rs 794. Tata Motors was also up 3.5% at Rs 743. Bajaj was up 1.7% at Rs 2,449.

HLL was up over 2% at Rs 207. Reliance and ONGC gained 1.7% each to Rs 1,580 and Rs 949, respectively.

Tech scrips ended weak on rupee hitting a new high of around 41.50/dollar today. Wipro dropped over 2% to Rs 554. While TCS was down 1.6% to Rs 1,226, Satyam slipped 1% to Rs 475, Infosys was down a notch at Rs 2,058.

Most Active Counters

Tata Steel was the most active counter with a turnover of Rs 241 crore followed by Indiabulls Real Estate (Rs 226 crore), SBI (Rs 176 crore), Unitech (Rs 156 crore) and HDFC Bank (Rs 130 crore).