Stock Market Recoups Losses: Sensex Rebounds, Rises 173 Points; Nifty Settles Over 19,700

Stock update: On the 30-share Sensex platform, L&T, ITC, Sun Pharma, Maruti Suzuki, Reliance Industries, Axis Bank lifted the benchmarks, rising up to 1.7 per cent

In the broader markets, the BSE Midcap and Smallcap indices rose 0.6 per cent each.

The two key equity benchmarks, Sensex and Nifty, on Wednesday recouped losses and rebounded sharply in the second half of the session. The BSE Sensex closed 173 points higher at 66,119. On the other hand, the Nifty50 reclaimed 19,700-mark to shut shop at 19,716, up 52 points. Both the indices hit intraday lows of 65,550 and 19,554, respectively.

On the 30-share Sensex platform, L&T, ITC, Sun Pharma, Maruti Suzuki, Reliance Industries, Axis Bank lifted the benchmarks, rising up to 1.7 per cent. On the downside, Titan, SBI, HDFC Bank, ICICI Bank, Tata Steel, Nestle were among the losers.

#ABPLiveStockMarketWatch | Sensex and Nifty rebounded sharply in the second half of the session, on Wednesday

At 4:00 PM, #Sensex rose 173 points, closing at 66,119 and #Nifty rose by 52 points to close at 19,716

Here's a look at the stocks in focus:#ABPLive #ClosingBell… pic.twitter.com/ilBO0FIAE1

— ABP LIVE (@abplive) September 27, 2023

In the broader markets, the BSE Midcap and Smallcap indices rose 0.6 per cent each.

Sectorally, PSU Bank, capital good, FMCG, realty, and healthcare indices jumped 0.5-1 per cent, while some selling was seen in the oil & gas sector. Nifty Bank and Financial Services indices fell up to 0.13 per cent.

On the IPO front, Sai Silks (Kalamandir) made a quiet debut on Wednesday with the company’s equity shares being listed at Rs 231 on the NSE, a 4 per cent premium over its issue price of Rs 222 per share. The stock listed at Rs 230.10 on the BSE.

In the previous session on Tuesday, the BSE Sensex closed at 65,945, down 78 points, while the NSE Nifty shut shop at 19,665, down 10 points.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong ended in the green. European markets were trading mostly in positive territory. The US markets ended lower on Tuesday. Global oil benchmark Brent crude climbed 0.98 per cent to $94.88 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 693.47 crore on Tuesday, according to exchange data.

"The market inched higher in the second half, driven by positive openings in European markets. Concerns about global interest rates and elevated oil prices are being balanced by several domestic factors, such as promising economic growth prospects and the potential for strong earnings, which validate the premium valuation," said Vinod Nair, Head of Research at Geojit Financial Services.

Meanwhile, the rupee on Wednesday staged a recovery after two days of steep losses to end 6 paise higher at 83.22 (provisional) against the US dollar on positive cues from domestic equity markets. However, selling pressure from foreign equity investors amid elevated levels of American currency and surging crude oil prices weighed on the local unit, forex traders said.

At the interbank foreign exchange, the domestic unit opened at 83.23 and traded in a narrow range of 83.18 to 83.24 against the greenback. It finally settled at 83.22 (provisional), registering a gain of 6 paise from its previous close. The rupee lost 34 paise in the past two sessions. It closed 15 paise lower at 83.28 against the dollar on Tuesday, a day after registering a decline of 19 paise.