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Market rebounded sharply after five consecutive sessions of losses on Wednesday, with benchmark indices closing over one per cent higher.
Market opened on a positive note amid positive global cues and edged up further during the day. Indices closed higher, led by oil and gas and auto stocks.
The BSE Sensex closed at 57,037.50, up 574.35 points or 1.02 per cent. It recorded an intraday high of 57,216.51 and a low of 56,521.33. The Nifty 50 closed at 17,136.55, up 177.90 points or 1.05 per cent. It recorded an intraday high of 17,186.90 and a low of 16,978.95.
Breadth turns positive
The market breadth turned positive with 1,738 stocks advancing on the BSE as against 1,662 that declined, while 110 remained unchanged. Furthermore, ten stocks hit the upper circuit while there were none in the lower circuit. Besides, 160 stocks touched a 52-week high level and 20 touched a 52-week low.
Vinod Nair, Head of Research at Geojit Financial Services, said, “With support from recovery in beaten-down HDFC stocks and the IT sector, the market countered yesterday’s selloff. Foreign investors are pumping out funds in large quantities while support from DIIs is helping the market to partially balance the pressure. A similar level of volatility can be expected until global uncertainties settle down, leading to a softening of FII selling.”
Ajit Mishra, VP-Research, Religare Broking Ltd, said, “Markets witnessed a decent recovery and gained over a per cent, tracking firm global cues. The benchmark started with an upside gap and traded in a narrow range thereafter. Meanwhile, a mixed trend on the sectoral front kept participants busy wherein auto, oil and gas, and healthcare posted decent gains.”
“Markets are largely following their global counterparts, which are currently offering mixed cues. Besides, indications from the domestic front are not very encouraging,” said Mishra.
BPCL, Tata Motors, Shree Cement, Eicher Motor and Maruti were the top gainers on the Nifty 50 while Bajaj Finance, Bajaj Finserv, ICICI Bank, JSW Steel and L&T were the top losers.
Metal, financials drag
On the sectoral front, a majority of indices closed in the green. While oil and gas, auto, IT, FMCG and pharma gained, metals and financials dragged.
Nifty Metal closed 0.33 per cent lower. Nifty Bank was down 0.07 per cent while Nifty Financial Services was down 0.04 per cent. Nifty PSU Bank was down 0.19 per cent.
Meanwhile, Nifty Auto was up over 2 per cent at closing while Nifty Oil & Gas closed nealy 2 per cent higher. Nifty IT, Nifty FMCG and Nifty Pharma were up over 1 per cent each.
Broader indices
Nifty Midcap 50 was up 0.49 per cent while Nifty Smallcap 50 was down 0.13 per cent. The S&P BSE Midcap Index was up 0.45 per cent while the S&P BSE Smallcap Index was up 0.36 per cent.
The volatility index softened 5.57 per cent to 18.67.
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