Sensex jumps 425 points, Nifty up 129 pointshttps://indianexpress.com/article/business/sensex-recovers-77-points-rupee-rises-15p-to-68-81-against-us-dollar-in-early-trade-5643072/

Sensex jumps 425 points, Nifty up 129 points

The broader NSE Nifty climbed 129 points, or 1.14 per cent, to close at 11,483.25 Intra-day, it shuttled between 11,495.90 and 11,352.45.

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The 30-share Sensex which hit the day’s high of 38,297.70 as buying pace gathered momentum towards the fag-end finally ended at 38,233.41, up 424.50 points, or 1.12 per cent.

The benchmark Sensex on Tuesday rallied by 425 points to end above the 38,000-mark amid foreign fund inflows and positive global cues.

The 30-share Sensex which hit the day’s high of 38,297.70 as buying pace gathered momentum towards the fag-end finally ended at 38,233.41, up 424.50 points, or 1.12 per cent. The Sensex had lost over 575 points in the previous two sessions, tracking a sell-off across global markets. The broader NSE Nifty climbed 129 points, or 1.14 per cent, to close at 11,483.25 Intra-day, it shuttled between 11,495.90 and 11,352.45.

Globally, Asian and European stocks bounced back, reversing part of their recent losses, as US Treasury yields edged higher, easing concerns about a recession in the world’s largest economy. “After a subdued opening, market bounced back sharply and covered yesterday’s losses due to positive global peers. Global growth outlook still remains a concern while rise in US 10-yr bond yield after two days of fall gave some respite to investor sentiment. The rebound was broad based except IT index due to strengthening rupee. Gradual fall in FII inflows added some caution among investors which may end up with some consolidation in the near term, after a sharp rally in the short term,” said Vinod Nair, head of Research, Geojit Financial Services.

Reliance Industries emerged as a prominent gainer in the Sensex pack, spurting over 3 per cent. NTPC topped the gainers’ chart in the Sensex pack, rallying 3.28 per cent, followed by SBI at 3.23 per cent. Other winners were Vedanta 3.18 per cent, ICICI Bank 2.75 per cent, Bajaj Finance 2.72 per cent, Yes Bank 2.71 per cent and Kotak Bank 2.60 per cent. Shares of Jet Airways soared for the second day, zooming nearly 7 per cent following the exit of founder and Chairman Naresh Goyal and his wife Anita from the board of the ailing airline.

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Among sectoral indices, the bankex gained 2.19 per cent, power 1.70 per cent, PSU 1.31 per cent, metal 1.11 per cent, consumer durables 1.08 per cent, infrastructure 0.99 per cent, oil and gas 0.97 per cent, realty 0.73 per cent, healthcare 0.61 per cent, FMCG 0.13 per cent and capital goods 0.15 per cent. IT and teck indices, however, shed up to 0.58 per cent. The broader markets too were in a better shape in tandem with the overall trend, with the BSE mid-cap and small-cap indices gaining 1.09 per cent and 0.66 per cent.

In Asia, Japan’s Nikkei surged 2.15 per cent, while Hong Kong’s Hang Seng inched up 0.15 per cent, Singapore’s Straits Times rose 0.55 per cent, Taiwan index gained 0.76 per cent and Korea’s KOSPI advanced 0.18 per cent. However, Shanghai Composite Index fell 1.51 per cent. Among European markets, Paris CAC 40 rose 0.36 per cent but Frankfurt’s DAX shed 0.10 per cent in their morning deals.

Jayant Manglik, president -retail distribution, Religare Broking, said, “the Indian markets staged a smart comeback post Monday’s correction led by supportive global cues. The Nifty Index ended at near high point of the day to close with strong gains of 1.1 per cent. The broader markets exhibited mixed trend. While BSE midcap performed in line with the benchmark, the smallcap index unperformed.”

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