Stock Market News Today: Sensex Rallies 599 Points; Nifty Around 22,150. Financials Up
Stock Market News Today: On the 30-share Sensex platform, Bajaj Finance, M&M, Maruti, JSW Steel, HDFC Bank, Wipro emerged gainers
Stock Market News Today: The two key equity benchmarks, Sensex and Nifty, rebounded sharply snapping the four-day losing run on heavy buying in banking and auto shares, amid Middle East tensions. The S&P BSE Sensex, which tanked 672 points in the early hours, bounced back in the afternoon session to end 599 points higher at 73,088. On the other hand, the Nifty50 hit an intra-day low of 21,778 before settling at 22,147, rising 151 points.
Stock update
On the 30-share Sensex platform, Bajaj Finance, M&M, Maruti, JSW Steel, HDFC Bank, Wipro emerged gainers. On the down side, HCLTech, Nestle, TCS, L&T, Tata Motors, Infosys were among the laggards.
In the broader markets, the BSE Midcap sank 0.39 per cent while the BSE Smallcap fell 0.04 per cent.
Sectoral update
Sectorally, Nifty Financial Services and Private Bank indices advanced 1 per cent each, while Nifty Realty dropped 0.7 per cent.
In the previous session on Thursday, the 30-share BSE Sensex ended 455 points lower at 72,489, while the NSE Nifty50 settled at 21,996, down 152 points.
"Despite global weakness, Indian markets staged a strong recovery driven by large-cap stocks, buoyed by the expectation of limited prospects of escalation following Israel's action against Iran. However, fragility persists with elevated oil prices, posing inflation risks," said Vinod Nair, Head of Research, Geojit Financial Services.
Global Market Updates
In Asian markets, major indices in Seoul, Tokyo, Shanghai, and Hong Kong closed lower. European markets also showed declines. Meanwhile, on Wall Street, the major indices ended mostly down on Thursday.
Global oil benchmark Brent crude rose 0.55% to reach $87.62 per barrel.
Foreign institutional investors (FIIs) sold off equities worth Rs 4,260.33 crore on Thursday, according to exchange data.
Rupee Gains 4 Paise
The Indian rupee reversed early losses and ended 4 paise higher at 83.48 against the US dollar on Friday, buoyed by a strong recovery in domestic equities. Forex traders noted that the domestic currency experienced a dip in early trade due to risk aversion in global markets stemming from geopolitical tensions in the Middle East.
However, the rupee rebounded, reportedly due to intervention by the Reserve Bank of India to stabilise a sharp decline in the local currency, according to traders.
At the interbank foreign exchange market, the rupee opened at 83.58 against the dollar and reached an intra-day high of 83.46. The domestic currency ultimately settled at 83.48 (provisional) against the dollar, marking a 4 paise increase from its previous close.
Trending News
Top Headlines
