Sensex snapped its six-day losing streak by rebounding 196 points today on fresh buying in metal, realty, auto and energy counters and short covering ahead of November-series expiry amid improving global cues. In the process, the index has come off its six-month low hit yesterday. US stocks closed at fresh record highs overnight, aided by a jump in oil prices and a pullback in the dollar. Covering-up of pending short positions by participants ahead of Thursday’s November expiry in the derivatives segment too supported the recovery.
However, caution prevailed amid growing concerns that the government’s demonetisation move would hit the economy more than expected and the rupee losing strength against the dollaro close at near a six-month low of 68.25. The Sensex opened higher at 25,928.16 and hovered in a range of 26,039.70 and 25,765.51 before ending at 25,960.78, showing a gain of 195.64 points or 0.76 per cent. The index had dropped by 1,752.54 or 6.37 per cent in previous six sessions to reach six-month lows.
The NSE 50-share Nifty also recovered by 73.20 points or 0.92 per cent to end above the 8,000-level at 8,002.30. However, foreign sellers continued their selling spree. Foreign portfolio investors (FPIs) sold shares worth a net Rs 1,310.82 crore yesterday, as per provisional data released by the stock exchanges. Overseas, Asian markets gained in the wake of solid gains in US stocks, while the Japanese yen briefly strengthened after a powerful earthquake which rocked northern Japan appeared to have been taken in stride by investors. Key indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan ended higher by 0.20 per cent to 1.3 per cent.
3:33 PM: The benchmark BSE Sensex maintained the initial gains to close at 25,960.78, NSE Nifty rose to 8,002.30.
3:23 PM: BSE Sensex was trading over 220 points up at 25,993.21, while NSE Nifty up by 1.06% to touch 8,013.25.
3:15 PM: BSE Sensex was trading close to 180 points up at 25,944.42, while NSE Nifty up by 0.87% to touch 7,998.25.
3:00 PM: BSE Sensex was trading over 200 points up at 25,968.39, while NSE Nifty up by 1.00% to touch 8,008.20.
2:38 PM: BSE Sensex was trading over 150 points up at 25,918.65, while NSE Nifty up by 0.66% to touch 7,981.75.
2:22 PM: BSE Sensex was trading over 120 points up at 25,890.96, while NSE Nifty up by 0.62% to touch 7,978.25.
2:09 PM: BSE Sensex was trading over 65 points up at 25,833.01, while NSE Nifty up by 0.38% to touch 7,959.60.
1:54 PM: BSE Sensex was trading close to 50 points up at 25,814.49, while NSE Nifty up by 0.34% to touch 7,955.85.
1:40 PM: BSE Sensex was trading close to 80 points up at 25,845.02, while NSE Nifty up by 0.41% to touch 7,961.75.
1:28 PM: BSE Sensex was trading over 90 points at 25,857.79, while NSE Nifty up by 0.36% to touch 7,957.55.
1:00 PM: BSE Sensex was trading over 85 points at 25,850.37, while NSE Nifty up by 0.44% to touch 7,964.10.
12:45 PM: BSE Sensex was trading over 40 points at 25,807.69, while NSE Nifty up by 0.30% to touch 7,952.60.
12:31 PM: BSE Sensex was trading close to 40 points at 25,804.49, while NSE Nifty up by 0.33% to touch 7,955.40.
11:58 AM: Selling was seen in capital goods, utilities, power and realty segments. A relief rally, after six days of heavy losses, emerged this morning that helped the Sensex recapture 26,000-level briefly by gaining nearly 275 points, while the broader Nifty revisited the 8,000-mark. Major gainers were, L&T 2.47 per cent, GAIL 2.23 per cent, NTPC 2.16 per cent, PowerGrid 1.46 per cent, Dr Reddy 0.98 per cent and M&M 0.98 per cent.
11:48 AM: BSE Sensex was trading over 60 points at 25,829.02, while NSE Nifty up by 0.36% to touch 7,957.85.
11:40 AM: BSE Sensex has erased initial gains and was trading over 35 points at 25,803.68, while NSE Nifty up by 0.35% to touch 7,957.10.
10:40 AM: BSE Sensex was trading over 135 points at 25,900.76, while NSE Nifty up by 0.58% to touch 7,975.45
10:08 AM: Brokers said emergence of buying by investors coupled with a better trend in other regional markets following overnight gains in the US and European equity markets influenced sentiments here. Moreover, sustained buying by domestic institutional investors too supported the recovery, they added.
9:45 AM: BSE Sensex was trading over 130 points at 25,895.84, while NSE Nifty up by 0.73% to touch 7,987.05.
9:35 AM: BSE Sensex was trading over 245 points to touch 26,011.56, while NSE Nifty up by 1.06% to touch 8,013.40.
9:25 AM: The benchmark BSE Sensex gained over 235 points to touch 26,001.90, NSE Nifty rose to 8,007.25.
BSE Sensex opened positively with over 195 points at 25,960.74, while NSE Nifty gained 0.70% to open at 7,984.75 in early morning trade.
Asian stocks rose on Tuesday in the wake of solid gains in U.S. markets overnight, while the Japanese yen briefly strengthened after a powerful earthquake rocked northern Japan. Oil extended gains in Asian trading with U.S. West Texas Intermediate (WTI) up 0.73 percent in early deals as the dollar pulled back. Prices surged 4 percent to a three-week high on Monday. Comments by Russian President Vladimir Putin that raised expectations major oil producing countries could reach a deal to limit output at a meeting next week also spurred the jump in oil prices. In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.53 percent, pulled up by a 1.0 percent rally in Australian shares. Korean shares are also seen gaining in opening trades. A powerful earthquake that rocked northern Japan on Tuesday appeared to have been taken in stride by investors. The benchmark Nikkei average was off a touch and the yen ticked up a shade against the U.S. dollar, although still near a five-month low hit earlier in the session. The quake generated a tsunami that hit the same northern Pacific coast devastated by a massive quake, tsunami and nuclear disaster in 2011. US stocks climbed on Monday to close at a record high and European equity markets also moved higher. Global risk assets, led by US stocks and the dollar, have led gains since Republican Donald Trump’s upset election win last week. Expectations that Trump’s administration will usher in expansionary fiscal policies have seen a dramatic selloff in U.S. Treasuries and fuelled a surge in the dollar. Investor bets on faster-than-expected Federal Reserve rate increases have also put pressure on emerging markets on fears of fund outflows to US dollar-based assets. As the dollar lost steam, the euro traded at $1.0635, bouncing back from near one-year low of $1.0569 hit on Friday.
BSE Sesnsex yesterday was down by over 380 points down to close at 25,765.14, NSE Nifty slid to under 8,000 first since June, 2016 to settle at 7,929.10.
(With inputs from PTI)