Markets

Sensex, Nifty rebound as tech stocks, HDFC Bank offer support

Reuters | | Updated on: Apr 20, 2022

NSE Nifty 50 was up 0.63 per cent at 17,079, while the S&P BSE Sensex rose 0.73 per cent to 56,881

Key stock market indices regained some lost ground on Wednesday after a sharp sell-off in the previous session, as beaten-down HDFC Bank and technology stocks eked out gains, with investors awaiting key corporate earnings amid concerns about runaway inflation.

The NSE Nifty 50 index was up 0.63 per cent at 17,079.25, while the S&P BSE Sensex rose 0.73 per cent to 56,880.74 in the early trade.

Both the indexes fell sharply in the final hour of trading on Tuesday after Russia said it was starting a new stage of what it calls its special military operation in Ukraine.

Most of Nifty's major sub-indexes were trading higher early on Wednesday, with Nifty's IT sub-index snapping eight sessions of losses to rise 0.9% per cent.

Private-sector lender HDFC Bank rose 1 per cent, after sliding for nine consecutive sessions.

Reliance Industries jumped 1.3 per cent, a day after Reliance Brands said it had signed a deal to buy a 51 per cent stake in fashion label Abu Jani Sandeep Khosla.

Shares of ICICI Securities added 1.2 per cent ahead of reporting March-quarter results.

Meanwhile, the International Monetary Fund (IMF) cut its growth forecast for India for FY23 by 80 basis points to 8.2 per cent.

Published on April 20, 2022
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