Share Market Today: Sensex, Nifty Bounce Back Sharply Tracking Strong Asian Cues
Share market today: On the 30-share Sensex platform, TechM, HCLTech, L&T, JSW Steel, Adani Ports, Reliance emerged gainers. On the downside, Airtel, ICICI Bank, and HDFC Bank were the losers
Share market today: The two key equity benchmarks, Sensex and Nifty, on Tuesday bounced back sharply in early trade tracking a smart rebound in Asian peers. The two indices surged higher in the opening, with Sensex jumping above 900 points, while Nifty50 rallying over 260 points.
At 10.50 am, the BSE Sensex gained 648 points to 79,407. On the other hand, the NSE Nifty was trading at 24,260, up 205 points.
Stock update
On the 30-share Sensex platform, TechM, HCLTech, L&T, JSW Steel, Adani Ports, Reliance emerged gainers. On the downside, Airtel, ICICI Bank, and HDFC Bank were the losers.
In line with the benchmarks, the broader markets also rebounded, with the Midcap index gaining 1.86 per cent while the Smallcap index advancing 2.10 per cent.
Sectoral update
Sectorwise, all indices were trading in green with Nifty Realty, Nifty Metal, Nifty Media, and Nifty IT leading the charts.
"When market valuations are elevated, unexpected news and events trigger a market crash. This was what happened yesterday in most asset classes, globally. Fears of recession in the US and unwinding of the Yen carry trade along with tensions in the Middle East contributed to the crash," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Global update
Asian markets also rebounded sharply, where Seoul, Tokyo, Shanghai and Hong Kong were quoting significantly higher. Japan's benchmark stock index soared over 10 per cent. The US markets ended with deep cuts on Monday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 10,073.75 crore on Monday, according to exchange data.
Global oil benchmark Brent crude jumped 1.27 per cent to $77.27 a barrel.
In the previous session, the BSE benchmark plummeted 2,222 points to settle at over a month's low of 78,759.40 on Monday, while the NSE Nifty slumped 662 points to close at 24,055.60.
Rupee rises 25 paise
The rupee recovered from its all-time low level and opened 25 paise higher at 83.84 against the US dollar in morning trade on Tuesday, mirroring the rebound in the domestic equity market, even as aggressive dollar bids from foreign banks exerted pressure on the local unit.
Forex traders said risk aversion in the global markets, escalation of geopolitical tensions in the Middle East and outflows by foreign investors further dented investor sentiments.
At the interbank foreign exchange market, the local unit opened at 83.92 and then touched an early high of 83.84, registering a 25 paise gain from its all-time closing low of 84.09 against the American currency. On Monday, the rupee slumped 37 paise to settle at an all-time low of 84.09 against the US dollar.
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