Stock Market Rebounds: Sensex Gains 690 Points; Nifty Tops 21,450 Amid Volatility. Tata Steel Up 3.8 Per Cent

Stock update: On the 30-share Sensex platform, Tata Steel, PowerGrid, HCLTech, IndusInd Bank, Tech, HUL emerged gainers. ICICI Bank, Axis Bank, Asian Paints, TCS, and Bajaj Finance were the losers

The two key equity benchmarks, Sensex and Nifty, on Wednesday rebounded sharply after a volatile trading since morning. The S&P BSE Sensex jumped 690 points at 71,060. It hit an intraday high of 71,150 and a low of 70,002. On the other hand, the NSE Nifty50 closed at 21,454, up 215 points.

On the 30-share Sensex platform, Tata Steel, PowerGrid, HCLTech, IndusInd Bank, Tech, HUL emerged gainers. On the down side, ICICI Bank, Axis Bank, Asian Paints, TCS, and Bajaj Finance were the losers.

About 2,131 shares advanced, 1,503 declined, while 108 shares remained unchanged.

In the broader markets, the BSE Midcap and Smallcap indices advanced 1.7 per cent each.

Sectorwise, Nifty Private Bank dropped 0.24 per cent, while all other indices on the NSE closed in the green. The pockets that helped the markets end higher were metals, PSU banks, pharma, and FMCG stocks.

In the previous session on Tuesday, the S&P BSE Sensex plunged 1,053 points to close at 70,371, while the NSE Nifty50 settled below the 21,250-mark to end at 21,239, down 333 points.

Elsewhere in Asia, Japan's Nikkei 225 lost 0.80 per cent, and Hong Kong's Hang Seng gained sharply by 3.56 per cent. China's Shanghai Composite also ended 1.80 per cent higher. European markets were higher on Wednesday, with Germany's DAX and CAC 40 of France gaining 1.00 per cent and 0.58 per cent. London's FTSE 100 rose 0.29 per cent. In the US markets, the Dow closed 0.25 per cent lower on Tuesday, while the S&P 500 settled 0.29 per cent higher and tech-heavy Nasdaq closed the session 0.43 per cent higher.

Brent crude futures, the global oil benchmark, were trading higher by 0.58 per cent to $80.01 per barrel on Wednesday. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, as they offloaded shares worth Rs 3,115.39 crore, according to exchange data.

Meanwhile, the rupee stayed range-bound and settled 2 paise (provisional) higher at 83.13 against the US dollar on Wednesday. Forex traders said the rupee is trading in a narrow range as positive domestic markets and a soft US dollar supported the rupee while rising crude oil prices and foreign fund outflows capped gains.

At the interbank foreign exchange market, the local unit opened at 83.15 against the greenback. The unit oscillated between an intraday low of 83.16 and a high of 83.11 against the greenback and finally settled at 83.13 against the dollar, higher by 2 paise (provisional) from its previous close. On Tuesday, the rupee had settled at 83.15 against the US dollar.