Share Market Today: Sensex Rises 2,303 Points; Nifty Settles Above 22,600. All Sectors In The Green
Share Market Today: On the 30-share Sensex platform, IndusInd Bank was the lead gainer, up 7.75 per cent, followed by Tata Steel, M&M, Bajaj Finance, Kotak Bank, Axis Bank
Share market today: The two key equity benchmarks, Sensex and Nifty, staged a smart recovery on Wednesday, rallying over 3 per cent each after facing heavy losses in the previous trade on below-expectation poll results. As per reports Narendra Modi has tendered his resignation for the second term and will take oath as prime minister for a third term on June 8.
The BSE Sensex surged 2,303 points to close at 74,382. On the other hand, NSE Nifty50 closed at 22,620, rising 736 points. The two indices intraday highs of 74,535, and 22,670, respectively.
Stock update
On the 30-share Sensex platform, IndusInd Bank was the lead gainer, up 7.75 per cent, followed by Tata Steel, M&M, Bajaj Finance, Kotak Bank, Axis Bank. All the 30 constituents closed in the green zone.
In the broader markets, the BSE Midcap and Smallcap indices jumped 4 per cent and 2.9 per cent, respectively.
Volatility gauge, India VIX, also cooled off 29 per cent.
Sectoral update
Sectorally, broad-based rebound was led by the Nifty Metal and Private Banks as indices advanced over 5 per cent each, followed by Nifty Bank and Auto, rising over 4 per cent each.
Markets had the worst trading day in four years on Tuesday as the BJP fell short of the magic number for the first time since 2014.
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.
Global update
In Asian markets, Seoul settled with gains while Tokyo, Shanghai, and Hong Kong ended lower. European markets were trading in the green. US markets ended in positive territory on Tuesday.
Global oil benchmark Brent crude climbed 0.14 per cent to $77.61 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 12,436.22 crore on Tuesday, according to exchange data.
Rupee gains 14 paise
The rupee recovered 14 paise to close at 83.37 (provisional) against the US dollar on Wednesday, tracking strong buying in domestic equities and lower crude oil prices in international markets. However, a surging greenback against major crosses overseas and fresh foreign fund outflows restricted gains in the local currency, forex traders said.
At the interbank foreign exchange market, the local unit opened at 83.50 and touched the intra-day peak of 83.28 against the domestic unit during the session. It finally settled at 83.37 (provisional) against the dollar, registering a gain of 14 paise from its previous close. On Tuesday, the domestic currency plunged 37 paise to settle at 83.51 against the dollar.
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