Sensex jumps 938 pts, Nifty above 23,400 after 3-day fall
Stock market benchmark indices Sensex and Nifty rebounded by over 1 per cent on Monday after facing a massive drubbing in the past three trading days, driven by value-buying in blue-chip banking counters. The 30-share BSE Sensex jumped 938.93 points or 1.26 per cent to settle at 75,502.85. During the day, it hit a high of 75,805.27 and a low of 73,949.76.
The 50-share NSE Nifty climbed 257.70 points or 1.11 per cent to end at 23,408.80.From the 30 Sensex firms, UltraTech Cement surged 4.22 per cent. Trent, HDFC Bank, Mahindra & Mahindra, Eternal, Bajaj Finance, ITC, Tata Steel and State Bank of India were among the biggest gainers.Bharat Electronics, Sun Pharma, Power Grid and Bharti Airtel were among the major laggards.
“The equity market staged a late-session rebound, supported by value buying in domestically oriented sectors such as auto, banking, and FMCG, a relief rally following the recent sell-off. “In the near term, investor sentiment will hinge on developments in the Strait of Hormuz, where any easing of supply chain disruptions could provide further support,” Vinod Nair, Head of Research, Geojit Investments Limited, said.
In Asian markets, Japan’s Nikkei 225 index and Shanghai’s SSE Composite index ended lower, while South Korea’s benchmark Kospi and Hong Kong’s Hang Seng index settled higher. Markets in Europe were trading mostly lower.The US market ended lower on Friday.Brent crude, the global oil benchmark, jumped 1.41 per cent to $104.4 per barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth INR 10,716.64 crore on Friday, according to exchange data. Domestic Institutional Investors (DIIs), however, bought stocks worth INR 9,977.42 crore. On Friday, the Sensex settled at 74,563.92, down 1,470.50 points or 1.93 per cent. The Nifty tanked 488.05 points or 2.06 per cent to end at 23,151.10.
