The market rebounded sharply on Tuesday following a steep fall over the past few sessions, with benchmark indices closing nearly 1 per cent higher. 

The market opened on a positive note amid positive global cues. Indices extended gains through the day, witnessing the rally led by IT and metals across the board buying. The market saw profit booking in the later hours. 

The BSE Sensex closed at 56,319.01, up 497.00 points or 0.89 per cent. It recorded an intraday high of 56,900.74 and a low of 56,047.22. The Nifty 50 closed at 16,770.85, up 156.65 points or 0.94 per cent. It recorded an intraday high of 16,936.40 and a low of 16,688.25.

Breadth turns positive

The market breadth turned positive with 2,281 stocks advancing on the BSE as against 1,036 that declined while 114 remained unchanged. Furthermore, 411 stocks hit the upper circuit compared to the 253 stocks locked in the lower circuit. Besides, 199 stocks touched a 52-week high level, and 34 touched a 52-week low

Mitul Shah, Head Of Research at Reliance Securities, said, "Domestic equities rebounded with gain of ~1 per cent after steep fall through the last few sessions. The market corrected more than 5 per cent in last few trading session due to worries of new Covid variant, hawkish stance by the Federal Reserve and FII selling."

"The momentum is back in the Indian market is supported by strong gains in Asian peers. The US futures also traded higher, indicating positive opening. The market made a successful attempt of recovery as there has been a bit of short covering and value buying in several quality stocks given the expected growth in the economy and earnings in the coming years," added Shah.

HCL Tech, Wipro, UPL, Tata Steel and Adani Ports were the top gainers on the Nifty 50 while Powergrid, Axis Bank, Bajaj Finance, Tata Consumer and Cipla were the top laggards. 

 Vinod Nair, Head of Research at Geojit Financial Services, said, "Indian market is attempting to recover from yesterday's heavy selloff, domestic indices staged a gap-up opening on bargain hunting supported by positive sentiments across global markets. Although concerns surrounding the impact of Omicron & FII selling still lingers, investors are trading cautiously and are optimistic. Gains in IT, commodities and metal stocks lifted the indices higher."

All in green

 

All indices closed in the green on the sectoral front, with Metals, IT, Realty and Consumer Durables leading the rally.

Nifty Metals was up 2.94 per cent at closing. Nifty Realty, Nifty IT and Nifty Consumer Durables were up 1.61 per cent, 1.98 per cent and 2.06 per cent, respectively.

Broader indices  

The broader market also bounced back, with broader indices closing in the green.

Nifty Midcap 50 was up 1.44 per cent, while Nifty Smallcap 50 was up 1.13 per cent. The S&P BSE Midcap was up 1.43 per cent, while the S&P BSE Smallcap was up 1.29 per cent.

 The volatility index softened 7.52 per cent to 17.54.  

 

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