After falling for five consecutive sessions, Sensex rose 574 points, Nifty 17,100. closed over
Highlight
- Recovery in Reliance Industries and Infosys, TCS and HDFC twins helped the indices bounce back
- A largely positive trend in global equities also helped the benchmark get back on its feet
- Both the benchmark indices closed in the red for the fifth consecutive session on Tuesday.
Benchmark indices bounced back after falling for five consecutive sessions on Wednesday, with the Sensex climbing 574.35 points, helped by buying in Reliance Industries and recovery in Infosys, TCS and HDFC twins. A largely positive trend in global equities also helped the benchmark get back on its feet.
The BSE Sensex closed at 57,037.50, up 574.35 points, or 1.02 per cent, after stopping a five-day decline. During the day, the index closed 753.36 points or 1.33 per cent higher at 57,216.51. The NSE Nifty rose 177.90 points, or 1.05 per cent, to 17,136.55.
According to Vinod Nair, “With support from beaten-down HDFC shares and recovery in the IT sector, the market countered yesterday’s selloff. Foreign investors are pulling out huge amounts, while support from DII partially offset the pressure from the market.” Helping to balance that.” Head of Research at Geojit Financial Services.
UltraTech Cement, Maruti, Reliance Industries, Asian Paints, TCS, Hindustan Unilever, Bharti Airtel, HDFC and Dr Reddy’s were the major gainers in the 30-share Sensex pack. In contrast, Bajaj Finance, ICICI Bank, Bajaj Finserv, Tata Steel and ITC were among the major laggards.
Both the benchmark indices had closed in the red for the fifth consecutive session on Tuesday. In five sessions, the Sensex had lost 2,984.03 points, while the Nifty had lost 825.70 points.
Elsewhere in Asia, markets in Hong Kong, Seoul and Shanghai closed lower, while Tokyo ended with gains. European markets were trading with gains in the afternoon session. Shares in the US closed with a lot on Tuesday. International oil benchmark Brent crude rose 0.89 per cent to $108.2 per barrel.
Foreign institutional investors continued selling shares worth a net Rs 5,871.69 crore on Tuesday, according to stock exchange data.