Market stages sharp recovery; Sensex rebounds 642 points

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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.

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Sensex tanks over 600 points in early trade; Nifty slips below 14,400

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ONGC was the top loser in the Sensex pack.

Equity benchmark Sensex tanked over 600 points in early trade on Friday, tracking losses in HDFC Bank, L&T and Reliance Industries amid negative cues from global markets.

The 30-share BSE index was trading 617.10 points or 1.25 % lower at 48,599.42, and the broader NSE Nifty fell 201.35 points or 1.38 % to 14,356.50.

ONGC was the top loser in the Sensex pack, slumping around 5 %, followed by L&T, Bajaj Finance, M&M, Maruti, SBI, Titan, HDFC twins and Reliance Industries.

On the other hand, Kotak Bank, Bharti Airtel and PowerGrid were the gainers.

In the previous session, Sensex ended 585.10 points or 1.17 % lower at 49,216.52, and Nifty slumped 163.45 points or 1.11 % to 14,557.85.

Foreign institutional investors (FIIs) were net buyers in the capital market on Thursday as they bought shares worth ₹ 1,258.47 crore, as per exchange data.

Domestic equities do not look inspiring for the day. Intensifying concerns pertaining to the recent surge in coronavirus cases in various parts of the country have clearly dented investors’ sentiments in domestic markets, said Binod Modi Head-Strategy at Reliance Securities.

Further, a sharp spike in USA treasury yields and inflationary concerns also weighed on sentiments, he noted.

“US equities finished sharply lower yesterday as investors dealt with twin threats of rising bond yields and sliding oil prices. 10-Year US Treasury yield surged 9 bps on Thursday to 14-month high to 1.73 % despite Federal Reserve maintaining its dovish stance on interest rates,” Mr. Modi added.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a negative note in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.16 % higher at USD 63.38 per barrel.

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Sensex tanks 562 pts; Nifty cracks below 14,800

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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.

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