Tag: Indian stock market

Snapping its five-session losing streak, equity benchmark Sensex rebounded 642 points on Friday, led by gains in index majors RIL, HUL and ICICI Bank despite negative cues from global markets.

After opening with significant losses, the 30-share BSE index made a U-turn to end 641.72 points or 1.30 % higher at 49,858.24. The broader NSE Nifty surged 186.15 points or 1.28 % to finish at 14,744.

NTPC was the top gainer in the Sensex pack, rallying over 4 %, followed by HUL, PowerGrid, Reliance Industries, ITC, UltraTech Cement and Bajaj Finance.

On the other hand, L&T, Tech Mahindra, Bajaj Auto and Titan were among the laggards.

“Despite weak global cues, domestic equities recovered sharply today after five days of back-to-back fall,” said Binod Modi, Head – Strategy at Reliance Securities.

Notably, a sharp recovery in FMCG, pharma, metals and Reliance Industries helped benchmark indices to recover from initial losses.

Moderate contraction in bond yields offered support to domestic equities despite prevailing concern of rise in daily COVID-19 cases, he said, adding that the recent spike in new infections is unlikely to dent the improved prospects of economic recovery meaningfully.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a negative note.

Stock exchanges in Europe were also trading with losses in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 1.36 % higher at USD 64.14 per barrel.

Dropping for the fourth straight session, equity benchmark Sensex tumbled 562.34 points on Wednesday following losses in index majors Reliance Industries, HDFC Bank and ICICI Bank amid a weak trend in global markets ahead of the US Federal Reserve’s policy outcome.

After a volatile session, the 30-share BSE index tanked 562.34 points or 1.12 % to close at 49,801.62. The broader NSE Nifty slumped 189.15 points or 1.27 % to 14,721.30.

ONGC was the top loser in the Sensex pack, declining around 5 %, followed by NTPC, Sun Pharma, SBI, IndusInd Bank, Bajaj Auto, PowerGrid and Reliance Industries.

On the other hand, ITC, Infosys, TCS and HDFC were among the gainers.

Domestic equities dropped for the fourth consecutive day as concerns pertaining to recent rise in COVID-19 cases in various parts of the country and high inflation continued to weigh on investors’ sentiments, said Binod Modi, Head-Strategy at Reliance Securities.

Additionally, he noted that weak cues from global markets ahead of the US Federal Reserve meeting outcome caused selling in domestic equities. The two-day meet started on Tuesday.

All key sectoral indices witnessed selling pressure with PSU banks, metals and auto indices witnessing steep correction.

Elsewhere in Asia, bourses in Shanghai, Tokyo and Seoul ended on a negative note, while Hong Kong was in the positive terrain.

Stock exchanges in Europe were largely trading in the red in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.89 % lower at USD 67.78 per barrel.