Stock Market Snaps 6-Day Losing Run: Sensex Rises 635 Points; Nifty Around 19,050. All Sectors In The Green
Stock update: On the 30-share Sensex platform, Axis Bank, HCLTech, SBI, NTPC, Tata Motors, Nestle, Reliance were among lead gainers. Axis Bank was the top gainer today rising 3.07 per cent
The two key equity benchmarks, Sensex and Nifty, on Friday snapped their six-day losing streak and rebounded sharply amid positive Asian sentiment. The S&P BSE Sensex soared 635 points to end at 63,783. On the other hand, the Nifty50 closed at 19,047, up 190 points.
On the 30-share Sensex platform, Axis Bank, HCLTech, SBI, NTPC, Tata Motors, Nestle, Reliance were among lead gainers. On the downside, only Asian Paint, UltraCemco, and ITC emerged losers. Axis Bank was the top gainer today rising 3.07 per cent, followed by HCL.
Performance of Broader Market
In the broader markets, the BSE Midcap and Smallcap indices gained 1.7 per cent and 1.9 per cent, respectively.
Sectors At A Glance
Following Friday’s trading, India VIX, the volatility index, eased 8 per cent to around 11 levels.
Sectorally, the Nifty PSU Bank index soared 4 per cent. On the other hand, Nifty Media index jumped 2.6 per cent and Nifty Realty index went up 1.9 per cent. All other indices gained between 0.6 per cent and 1.4 per cent.
In the previous session on Thursday, the BSE Sensex tanked 901 points to 63,148, while the NSE Nifty50 ended at 18,857, down 265 points.
"After six continuous days of losses triggered by the elevated bond yields in the US and tensions in West Asia, the market appears to be oversold," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said. He added that the US economy's resilience is surprising.
In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were trading in the positive territory. The US markets ended lower on Thursday. The European Central Bank left interest rates unchanged on Thursday for the first time in over a year.
Global oil benchmark Brent crude jumped 1.25 per cent to $89.03 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 7,702.53 crore on Thursday, according to exchange data.
Rupee Ends Flat At 83.25 Against US Dollar
Meanwhile, the India rupee stopped its three-day fall and settled flat at 83.25 (provisional) against the US dollar on Friday following support from positive stock market. Forex traders said the rupee consolidated in a narrow range as selling pressure from foreign equity investors continued to weigh on the Indian currency.
At the interbank foreign exchange market, the local unit opened at 83.24 and traded in a narrow range of 83.22 to 83.25 before settling flat at Thursday's closing level of 83.25 (provisional) against the greenback. The rupee has dropped 8 paise against the dollar on Thursday, the third consecutive day of fall. It had declined 4 paise on Monday, followed by a dip of 1 paisa on Wednesday.
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