1 hr ago
Sensex Rebounds 333 Points as Bank Stocks Drive Rally
Indian share markets went up on Wednesday after falling sharply on Tuesday.
The Sensex gained about 333 points, while the Nifty gained 99 points.
Investors bought stocks they considered good value after the earlier fall.
Bank shares led the recovery.
Some companies, including ITC and State Bank of India, gained.
Technology companies such as Tata Consultancy Services and Infosys fell.
The market’s rise was limited because oil prices and US borrowing costs remained high.
Foreign investors had sold Indian shares worth nearly Rs 2,978 crore on Tuesday.
The BSE Sensex rose 332.63 points, or 0.45%, to close at 74,336.45.
The NSE Nifty gained 99 points, or 0.43%, ending at 23,217.60.
Bank stocks and value buying supported the recovery after Tuesday’s sharp market decline.
ITC, State Bank of India, Axis Bank, Trent, Mahindra & Mahindra and Bharat Electronics were among the major gainers.
High Brent crude prices and US Treasury yields limited the market’s recovery, while foreign investors sold equities worth Rs 2,977.86 crore on Tuesday.
- Who
- Indian equity investors, banks and companies listed on the BSE Sensex and NSE Nifty.
- What
- The Sensex and Nifty rebounded, gaining 332.63 points and 99 points respectively.
- Where
- Indian stock markets, including the Bombay Stock Exchange and National Stock Exchange.
- When
- Wednesday, following a sharp decline on Tuesday.
- Why
- Value buying after Tuesday’s fall, led by bank stocks, supported the recovery.
Key facts
- Sensex close
- 74,336.45, up 332.63 points or 0.45%
- Sensex intraday high
- 74,505.86
- Nifty close
- 23,217.60, up 99 points or 0.43%
- Leading sector
- Banking stocks
- Brent crude
- USD 107.8 per barrel after falling 0.83%
- Foreign investor sales
- Rs 2,977.86 crore on Tuesday
- Previous session
- Sensex fell 777.94 points and Nifty dropped 279.50 points
Quotes
Hariselvan Radhakrishnan
Founder and CEO of HST Wealth, a research analyst firm
“Indian equities staged a measured recovery on Wednesday, supported by value buying in banking stocks and select heavyweight counters following Tuesday’s sharp decline. Bank Nifty led the rebound, reclaiming the 56,000 mark and providing the principal support to the benchmark indices.”
telegraphindia.com
Sources
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