Stock Market Bounces Back: Sensex Rises 335 Points; Nifty Settles At 22,151

Stock update: On the 30-share Sensex platform, HCLTech, Wipro, Infosys, Airtel, M&M, L&T emerged gainers. Axis Bank, IndusInd Bank, Bajaj Finance, JSW Steel, SBI, Tata Steel were among the losers

In the broader markets, the BSE Midcap rose 2.3 per cent, while the Smallcap jumped 3.1 per cent.

The two key equity benchmarks, Sensex and Nifty, on Thursday bounced back led by gains in index heavyweights Bharti Airtel, Larsen & Toubro, and IT shares. The BSE Sensex jumped 335 points to close at 73,097. On the other hand, the NSE Nifty50 settled at 22,151, up 153 points.

On the 30-share Sensex platform, HCLTech, Wipro, Infosys, Airtel, M&M, L&T emerged gainers. On the down side, Axis Bank, IndusInd Bank, Bajaj Finance, JSW Steel, SBI, Tata Steel were among the losers.

#ABPStockMarketWatch | Sensex and Nifty bounced back led by gains in index heavyweights, on Thursday

At 04:00 PM, #Sensex gained 335 points to 73,097 & #Nifty gained 149 points to close at 22,147

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

— ABP LIVE (@abplive) March 14, 2024

In the broader markets, the BSE Midcap rose 2.3 per cent, while the Smallcap jumped 3.1 per cent.

Sectorwise, except for bank, all other indices closed in the green. Telecom, power, oil & gas advanced 3 per cent each, while auto, capital goods, FMCG, Information Technology, healthcare and metal gained 1-2 per cent.

In the previous session on Wednesday, the BSE Sensex plunged 906 points to end at 72,762, while the NSE Nifty50 slumped 338 points to 21,998.

Vinod Nair, Head of Research at Geojit Financial Services, noted that the market managed to recuperate half of the losses from the previous trading day, thanks to a balancing act driven by leverage-based adjustments, while sustained institutional buying provided further support.

On the BSE, 2,722 stocks saw gains, while 1,153 experienced declines, and 83 remained unchanged.

Exchange data revealed that Foreign Institutional Investors (FIIs) sold equities worth Rs 4,595.06 crore on Wednesday.

Across Asian markets, Seoul and Tokyo closed in positive territory, while Shanghai and Hong Kong ended the day with losses. European markets mostly traded in the green, while the US markets concluded with a mixed performance on Wednesday.

Brent crude, the global oil benchmark, rose by 0.76 percent to reach $84.67 per barrel.

Meanwhile, the Indian rupee experienced a slight depreciation of 1 paisa, settling at 82.82 (provisional) against the US dollar on Thursday. This dip was attributed to the strength of the greenback against major currencies worldwide and the uptick in crude oil prices. However, the rupee found support from a positive trend in domestic equities, limiting its decline, according to forex traders.

In the interbank foreign exchange market, the rupee began the session marginally weaker at 82.84 against the dollar. Throughout the trading day, it fluctuated between an intra-day low of 82.89 and a high of 82.82 before ultimately settling at 82.82 (provisional), registering a marginal loss of just 1 paisa compared to its previous close. On Wednesday, the rupee had closed at 82.81 against the US dollar.