Markets Snap 4-Day Losing Streak, Sensex Finishes 581 Points Higher; Nifty Above 16,000

Midcap and smallcap shares ended on a strong note as Nifty Midcap 100 index jumped 1.24 per cent, while smallcap shares moved 1.51 per cent higher

New Delhi: Snapping a four session losing streak, the key Indian benchmarks, Sensex and Nifty, on Tuesday ended day’s trade in the positive zone, led by strong buying in pharma and IT stocks.

In a volatile market, the 30-share Sensex platform climbed 581 points to 53,424, while the broader NSE Nifty moved 150 points higher to close at 16,013.

Both the indexes swung between gains and losses before settling in the positive zone during the day.

Midcap and smallcap shares ended on a strong note as Nifty Midcap 100 index jumped 1.24 per cent, while smallcap shares moved 1.51 per cent higher.

13 out of the 15 sector gauges, compiled by the National Stock Exchange, settled in the green. Nifty IT and Nifty Pharma outperformed the index by rising as much as 2.69 per cent and 2.38 per cent, respectively.

A total of 24 of the 30 constituents on the Sensex platform and 37 of the 50 Nifty constituents ended the session with gains. The winners are Indian Oil Corporation, Sun Pharma, Tata Consumer Products, TCS, Cipla, Shree Cement, NTPC, Tech M, Dr Reddy’s Labs, Wipro, Ultratech Cement, and Infosys. All these stocks were up in the range of 2-4.4 per cent.

On the flipside, Hindalco, ONGC, Tata Steel, JSW Steel, Britannia, Titan, and UPL slipped up to 4.5 per cent on profit booking.

Among sectors, the Nifty Realty index advanced 3.25 per cent today, the Nifty PSB and IT index rose nearly 3 per cent each, and the Nifty Pharma index was up 2.4 per cent. On the flipside, the Nifty Metal index slipped 1.5 per cent.

In the previous session, Sensex had crashed 1,491 points to close at 52,843 on Monday; while Nifty had moved 382 points lower to settle at 15,863.

Stock exchanges in the US closed in the negative territory, dropping sharply on Monday.

Meanwhile, international oil benchmark Brent crude jumped 2.50 per cent to $126.1 a barrel.

"US equities tumbled as investors continued to sell off stocks and stockpile safe-haven assets as concerns over the economic consequences of Russia's war in Ukraine intensified. The Dow Jones fell 2.4 per cent, while the S&P 500 lost 2.95 per cent. The tech-heavy Nasdaq slumped 3.6 per cent," according to Mitul Shah, Head of Research at Reliance Securities.

Foreign institutional investors continued their selling spree in Indian markets as they offloaded shares worth Rs 7,482.08 crore on a net basis on Monday, according to exchange data.