Share Market Today: Benchmarks Rebound. Sensex Gains Over 500 Points; Nifty Around 24600
Share Market Today: On the 30-share Sensex platform, Bharti Airtel gained 3.5 per cent, followed by Infosys, Tata Steel, JSW Steel, HCL Tech, Sun Pharma
Share Market Today: The two key equity benchmarks, Sensex and Nifty, bounced back strongly after past five straight sessions, mostly due to buying in blue-chip firms like TCS, Infosys, and RIL. At 10.30 am, the BSE Sensex jumped 524 points to 80,564. On the other hand, the NSE Nifty50 was trading at 24,588, up 182 points.
Stock update
On the 30-share Sensex platform, Bharti Airtel gained 3.5 per cent, followed by Infosys, Tata Steel, JSW Steel, HCL Tech, Sun Pharma. On the down side, TechM, HDFC Bank, Nestle, Tata Motors, HUL, ICICI Bank emerged early losers
In line with the benchmarks, the broader markets also showed strength. The BSE Midcap index advanced 0.66 per cent while the Smallcap index rose 0.45 per cent.
Sectoral update
Sectorwise, except bank, all other indices are trading in the green zone with auto, healthcare, media, telecom, IT, metal, realty rose 1-2 per cent.
In the previous session on Thursday, the BSE Sensex index closed at 80,040, down 109 points, while the NSE Nifty50 settled at 24,406, down 7 points.
The unique feature of the bull market in India is its ability to climb all walls of worry. The market dismissed all concerns relating to elections, the Budget and the correction in the mother market US. The buy on dips strategy which has played out well in this rally continues to hold good, said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Global update
In Asian markets, Seoul, Tokyo, and Hong Kong were trading higher while Shanghai quoted lower. The US markets ended mostly lower on Thursday.
Global oil benchmark Brent crude climbed 0.19 per cent to $82.53 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,605.49 crore on Thursday, according to exchange data.
Rupee at all-time low
The rupee recovered from its all-time low level and appreciated 9 paise to 83.69 against the US dollar in early trade on Friday, amid a positive trend in domestic equities. Forex traders said foreign fund outflows from Indian equities following the government's decision to hike the tax rate on capital gains weighed on the local currency and restricted the upmove.
At the interbank foreign exchange market, the local unit opened at 83.72 against the American currency, then rose to 83.69 against the American currency, registering a rise of 9 paise from its previous close. On Thursday, the rupee dropped by 7 paise to close at an all-time low of 83.78 against the US dollar.
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