Share Market Today: Sensex, Nifty Rebound Sharply Amid Heavy Buying. IT Stocks Gain
Share market today: On the 30-share Sensex platform, barring HUL, all the indices are trading in the green. Tata Motors, M&M, TechM, HCLTech, Bharti Airtel, TCS emerged gainers
Share market today: The two key equity benchmarks, Sensex and Nifty, on Friday rebounded sharply as the two indices soared higher tracking heavy buying interest among investors amid rally in global peers. At 10.15 am, the BSE Sensex zoomed 841 points to79,727. On the other hand, the NSE Nifty50 jumped to 24,356, up 240 points.
Stock update
On the 30-share Sensex platform, barring HUL, all the indices are trading in the green. Tata Motors, M&M, TechM, HCLTech, Bharti Airtel, TCS emerged gainers.
In the broader markets, the Midcap index advanced 0.89 per cent, while the Smallcap index rose 0.90 per cent.
Sectoral update
Sectorwise, all indices were trading in green with Nifty IT, Nifty Metal, Nifty Auto, and Nifty Oil and Gas leading the charts.
In the previous session on Thursday, the 30-share BSE Sensex declined by 582 points to close at 78,886, while the NSE Nifty50 slumped 181 points to 24,117, post-RBI MPC outcome.
"The sharp rebound in the US markets yesterday indicates that the recession fears were a bit overdone. The latest initial jobless claims came lower-than-expected indicating that the labour market is not loosening as many sceptics feared," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Global update
In Asian markets, Tokyo, Seoul, Shanghai, and Hong Kong were trading sharply higher. The US markets ended significantly higher on Thursday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,626.73 crore on Thursday, according to exchange data.
Global oil benchmark Brent crude climbed 0.14 per cent to $79.27 a barrel.
Rupee gains 8 paise
Rupee appreciated 8 paise to 83.89 against US dollar in early trade on Friday, supported by a positive trend in domestic equities and a decline in the US dollar index.
Forex traders said post the Reserve Bank of India's monetary policy announcement, markets now await for US CPI data, India CPI, WPI and IIP data and India's trade data all scheduled to be released next week.
At the interbank foreign exchange, the rupee opened at 83.95 against the greenback, then touched 83.89, registering a rise of 8 paise over its previous closing price. On Thursday, the rupee consolidated in a narrow range and settled for the day lower by 2 paise at 83.97 against US dollar.
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