Share Market Today: Sensex Jumps 1,500 Points; Nifty Trades Over 22,350. FMCG, Auto Shine
Share market today: On the 30-share Sensex platform, L&T fell 5.91 per cent, followed by PowerGrid, NTPC, SBI, Airtel, ICICI Bank
Share market today: The two key equity benchmarks, Sensex and Nifty, made a strong comeback after Tuesday's sharp decline. Markets witnessed the worst trading day in four years on Tuesday as the BJP fell short of the magic number for the first time since 2014. At 11.40 am on Wednesday, the BSE Sensex surged 1570 points to 73,650. On the other hand, the NSE Nifty50 gained 501 points to 22,385.
Stock update
On the 30-share Sensex platform, HUL stock rose 7.98 per cent, followed by M&M, Nestle, Asian Paints, ITC, Kotak Bank. On the down side, L&T, PowerGrid, SBI, and Airtel were the laggards.
In the broader markets, Nifty Smallcap advanced 0.32 per cent, while Midcap gained 0.47 per cent.
Sectoral update
Sectorwise, Nifty FMCG led with over 2 per cent gains, followed by Auto jumping 1.73 per cent. Metal was the only loser, falling 0.36 per cent.
In the previous session on Tuesday, the 30-share BSE Sensex nosedived 4,389.73 points to close at a more than two-month low of 72,079, while the NSE Nifty50 settled at 21,884, a sharp decline of 1,379 points.
"The market will take some time to absorb the unexpected election results. Stability will return to the market soon but volatility will continue till there is clarity on the cabinet and the key portfolios,"said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
One positive of the sharp market correction is that the excessive valuations have moderated a bit and this will facilitate institutional buying once clarity emerges on the formation and composition of the Cabinet, he added.
Global update
In Asian markets, Seoul, and Hong Kong were quoting with gains while Tokyo and Shanghai traded lower. US markets ended in positive territory on Tuesday.
Global oil benchmark Brent crude dipped 0.04 per cent to &77.49 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 12,436.22 crore on Tuesday, according to exchange data.
Rupee rises 7 paise
The rupee recovered from the lower level and appreciated 7 paise to 83.44 against the US dollar in early trade on Wednesday, taking cues from domestic equity markets and lower crude oil prices overseas.
Forex traders said the rush for value-buying triggered an uptrend in equity markets, boosting the local currency which saw a steep decline on Tuesday after the general elections results showed a less-than-expected majority for the BJP-led NDA.
At the interbank foreign exchange market, the local unit opened at 83.50 and recovered some lost ground to trade at 83.44 against the greenback, registering a rise of 7 paise from its previous close.
On Tuesday, the domestic currency settled at 83.51 against the dollar.
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