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Monday, May 23, 2022

Sensex on a swing: Over 1,000-pt drop, then a 1,448-pt rally

The Sensex, which plunged to a low of 56,409 at one stage, rallied 1,448 points intra-day to close with a gain of 367 points, or 0.64 per cent, at 57,858.15 while the Nifty50 rose 129 points, 0.75 per cent, to 17,277.95 on bargain hunting.

By: ENS Economic Bureau | Mumbai |
Updated: January 26, 2022 12:28:14 am
BSEBSE in Mumbai (File photo)

After a five-day losing streak, domestic stock markets on Tuesday staged an intra-day comeback as uncertainties over the US Federal Reserve’s policy and geopolitical tension eased and US markets had made a sharp turnaround on Monday. The Sensex, which plunged to a low of 56,409 at one stage, rallied 1,448 points intra-day to close with a gain of 367 points, or 0.64 per cent, at 57,858.15 while the Nifty50 rose 129 points, 0.75 per cent, to 17,277.95 on bargain hunting.

The Sensex, which plummeted 1,546 points on Monday, had lost 3,817 points over the last five sessions as foreign investors pulled out funds. The market opened weak on Tuesday and the Sensex soon plunged by over 1,000 points before staging a recovery.

The recovery was led by telecom, bank, auto, utilities and power stocks which gained over 2 per cent.
The rupee declined by 18 paise to close at 74.78 against the US dollar.

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“ … volatility is expected to linger as investors await the Fed’s final policy statement, providing clarity on the timeline of rate hikes,” said Vinod Nair, head of research at Geojit Financial Services.

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