Comments
The market rebounded sharply on Tuesday, with benchmark indices closing higher amid volatility.
The market opened on a positive note owing to strong global cues. After slipping into the red in the afternoon session, indices extended gains during closing hours, thanks to across-the-board buying. The broader market also rebounded sharply, with midcap and smallcap indices gaining over 2 per cent.
The volatility index further softened 4.86 per cent to close below 17 at 16.75.
The BSE Sensex closed at 61,350.26, up 383.21 points or 0.63 per cent. It hit an intraday high of 61,497.71 and a low of 60,791.29. The Nifty 50 closed at 18,268.40, up 143.00 points or 0.79 per cent. It recorded an intraday high of 18,310.45 and a low of 18,099.30.
Nifty Midcap 50 was up 2.16 per cent, while Nifty Smallcap 50 was up 2.40 per cent. The S&P BSE Midcap was up 1.75 per cent, while the S&P BSE Smallcap was up 2.20 per cent.
Breadth turns positive
The market breadth turned positive with 2,218 stocks advancing on the BSE, 1,056 declining and 145 remaining unchanged. Furthermore, 333 stocks hit the upper circuit compared to the 206 stocks locked in the lower circuit. Besides, 164 stocks touched a 52-week high level, and 27 touched a 52-week low.
Vinod Nair, Head of Research at Geojit Financial Services, said, "Following a strong opening backed by positive gains in global markets, domestic indices were torn between gains and losses in today’s volatile trade”
“Broad-based buying led by auto, realty and metal stocks aided the bourses to bell the day in positive territory. However, continuous selling by the FIIs in the market fanned investor cautiousness. Upbeat quarterly earnings outweighing inflation worries boosted the morale of global markets," added Nair.
Tata Motors, Tata Steel, SBI Life, Titan and Nestle India were the top gainers on the Nifty 50, while IndusInd Bank, ICICI Bank, Powergrid, Dr Reddy and NTPC were the top losers.
Private Bank stocks under pressure
On the sectoral front, all indices except Nifty Private Bank closed in the green. Nifty Private bank remained under pressure while realty, auto, metals and consumer durables recorded higher gains.
Nifty Realty closed 3.62 per cent higher. Nifty Consumer Durables was up 2.35 per cent. Nifty Auto and Nifty Metal were up 2 per cent and 2.66 per cent.
Meanwhile, Nifty Private Bank was down 0.15 per cent.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.