Stock Market: Sensex Snaps 4-Losing Run, Rises 427 Points; Nifty Holds 16,450

Stock update: On the BSE, Dr Reddy’s was the biggest gainer, spurting 3 per cent, followed by Reliance Industries, Bharti Airtel, Tech Mahindra, Sun Pharma, and Kotak Mahindra Bank

In the broader markets, midcap and smallcap shares finished on a strong note as Nifty midcap 100 jumped 0.49 per cent lower and smallcap climbed 0.21 per cent.

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Sensex and Nifty, the two key equity benchmarks, on Thursday snapped their four-day losing streak in a see-saw trade. The Sensex and Nifty bounced back after it started trade in the red in a highly volatile market.

The 30-share BSE Sensex jumped 427 points (0.78 per cent) to close at 55,320. During the day, the benchmark hit a high of 55,366 and a low of 54,507. The broader NSE Nifty advanced 121 points (0.74 per cent) to finish at 16,478.      

On the BSE, Dr Reddy’s was the biggest gainer, spurting 3 per cent, followed by Reliance Industries, Bharti Airtel, Tech Mahindra, Sun Pharma, and Kotak Mahindra Bank. On the flipside, Tata Steel, NTPC, SBI, and Bajaj Finance were among the main losers, shedding up to 3.81 per cent.

In the broader markets, midcap and smallcap shares finished on a strong note as Nifty midcap 100 jumped 0.49 per cent lower and smallcap climbed 0.21 per cent.

On NSE, 13 out of the 15 sector gauges settled in the green. Sub-indexes Nifty Oil & gas, Nifty Pharma and Nifty IT outperformed the platform by rising as much as 1.96 per cent, 1.20 per cent and 0.98 per cent, respectively.

The overall market breadth stood positive as 1,750 shares advanced, while 1,550 declined on the BSE.

In the previous session on Wednesday, the Sensex tumbled 214 points (0.39 per cent) to close at 54,892 in a see-saw trade, while the NSE Nifty fell 60 points (0.37 per cent) to settle at 16,356.

Elsewhere in Asia, markets in Shanghai, Seoul and Hong Kong ended lower, while Tokyo settled higher. European markets were trading significant lower during afternoon trade.

Meanwhile, international oil benchmark Brent crude slipped 0.13 per cent to $123.42 per barrel.

Foreign institutional investors remained net sellers as they offloaded shares worth Rs 2,484.25 crore on Wednesday, according to stock exchange data.