1 hr ago
Indian Stock Markets Rebound After Sharp Losses on Buying
Indian share prices went up on Friday after falling sharply the day before.
Investors bought some large companies at lower prices.
The Sensex rose about 315 points, while the Nifty gained about 77 points.
Banking, automobile and several other companies helped the market recover.
Axis Bank had the biggest gain among Sensex companies.
Trent was the biggest loser.
The market moved up and down during the day rather than rising steadily.
Even with Friday’s gains, both major indexes ended the week lower.
The BSE Sensex gained 315.20 points, or 0.43%, to close at 73,895.74.
The NSE Nifty rose 77.40 points, or 0.34%, ending at 23,140.50.
Value buying supported blue-chip banking, auto and other large-company shares after Thursday’s sharp sell-off.
Axis Bank led Sensex gainers with a 2.82% rise, while Trent fell 1.41% as the biggest loser.
Despite Friday’s rebound, the Sensex fell 399.22 points and the Nifty declined 205.9 points over the week.
- Who
- Indian stock-market investors, domestic companies and foreign institutional investors.
- What
- The Sensex and Nifty recovered partially after recent sharp losses.
- Where
- India’s BSE and NSE stock exchanges.
- When
- Friday; the rebound followed Thursday’s 1.67% Sensex and 1.64% Nifty declines.
- Why
- Value buying in blue-chip shares supported the recovery, although investors remained concerned about global yields, crude prices and foreign selling.
Key facts
- Sensex close
- 73,895.74, up 315.20 points or 0.43%
- Nifty close
- 23,140.50, up 77.40 points or 0.34%
- Top Sensex gainer
- Axis Bank, up 2.82%
- Biggest Sensex decliner
- Trent, down 1.41%
- Weekly performance
- Sensex down 399.22 points; Nifty down 205.9 points
- Foreign selling
- Foreign Institutional Investors sold equities worth Rs 5,027.36 crore on Thursday
- Crude oil
- Brent crude declined 1.10% to USD 105.4 per barrel
Quotes
Hariselvan Radhakrishnan
Founder and CEO of HST Wealth, a research analyst firm
“Selective bargain hunting after the recent pullback helped the market retain a positive bias, though gains remained confined to a narrow trading range. The ability of benchmark indices to sustain above the psychologically important 23,000 level reflects domestic resilience and support from strong domestic liquidity”
telegraphindia.com
“Indian equities staged a measured rebound on Friday following Thursday’s sharp decline, as reports of progress towards a phased US–Iran agreement improved sentiment. Selective buying in banks and automobiles also helped the benchmark indices recover from a cautious opening”
telegraphindia.com
Sources
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