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Market rebounded sharply on Tuesday after two consecutive sessions of heavy losses with benchmark indices closing over 1.5 per cent higher, the rally led by metals and financials.
The “oversold” market bounced back, opening on a positive note amid positive global cues. Market extended gains through the day, witnessing across the board buying.
The BSE Sensex closed at 57,633.65, up 886.51 points or 1.56 per cent. It recorded an intraday high of 57,905.63 and a low of 56,992.27. The Nifty 50 closed at 17,176.70, up 264.45 points or 1.56 per cent. It recorded an intraday high of 17,251.65 and a low of 16,987.75.
Breadth turns positive
The market breadth turned positive with 2,331 stocks advancing on the BSE as against 946 that declined while 117 remained unchanged. Furthermore, 457 stocks hit the upper circuit as compared to the 172 stocks that were locked in the lower circuit. Besides, 211 stocks touched a 52-week high level and 31 touched a 52-week low.
Vinod Nair, Head of Research at Geojit Financial Services said, "Domestic bourses staged a recovery bucking the trend in the international markets supported by broad-based buying while healthcare stocks lost ground.”
“Global markets traded with optimism on reports that the Omicron strain may not be as severe as expected. Moreover, additional liquidity freed up by the Chinese Central Bank through policy easing boosted the Chinese markets. In the Indian Markets, banking and financial stocks advanced since the MPC is scheduled to announce its policy decision tomorrow where the RBI is likely to keep its policies unchanged considering the short-term uncertainties,” added Nair.
Hindalco, Tata Steel, Axis Bank, ICICI Bank and Tata Motors were the top gainers on the Nifty 50 while Britannia, Cipla, Divi’s Lab, Asian Paints and IOC were the top losers.
All in green
On the sectoral front, all indices closed in the green. Metals and financials recorded the highest gains.
Nifty Metal closed 3.13 per cent higher. Nifty Bank, Nifty Financial Services, Nifty Private Bank, Nifty PSU Bank and Nifty Realty each closed over 2 per cent higher. Nifty Consumer Durables and Nifty Auto were up nearly 2 per cent each.
Broader market rebounds
Broader market also rebounded sharply with broader indices closing higher.
Nifty Midcap 50 was up 1.31 per cent while Nifty Smallcap 50 was up 1.06 per cent. The S&P BSE Midcap was up 1.29 per cent while the S&P BSE Smallcap was up 1.14 per cent.
The volatility index softened 8.05 per cent to 18.46.
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