After logging 9 days of continuous decline, the Sensex and Nifty saw a relief rally on Tuesday. The 30-share index ended 228 points higher at 37,318.53.
After logging 9 days of continuous decline, the Sensex and Nifty saw a relief rally on Tuesday. The 30-share index ended 228 points higher at 37,318.53, while the Nifty ended 74 points higher at 11,222.05. Intra-day, the Sensex jumped 482 points to hit 37,572 points, while the Nifty jumped 148 points to touch the day’s high of 11,294.75. After plunging yesterday, shares of drug-maker Sun Pharma closed 5.9% higher at Rs 420.15 on BSE. Bharti Airtel share gained by more than 5.4% to end at Rs 335.75 on BSE. Apart from these scrips, shares of Vedanta (4.08%), IndusInd Bank (2.58%), SBI (2.33%), Reliance Industries (1,259.50), Tata Motors (2.27%) were among the biggest Sensex gainers. TCS (1.72%), HCL Tech (1.56%), Bajaj Finance (1.52%), Bajaj Auto (0.92%) were among the biggest losers.
With today’s gains, the Sensex has recovered from its biggest losing streak in more than 8 years. In the last nine sessions, the Sensex had lost 1,940.73 points and the Nifty has given away nearly 600 points. While the Nifty saw some relief on Tuesday, Arun Kumar, market strategist, Reliance Securities said that Nifty could stabilise around 11,130-mark.
“Considering today’s price action and mild oversold conditions displayed by few near-term oscillators, we expect the index to stabilise around 11,035 and 11,130 levels. Any strong move above 11,300 could lead to a quick rally towards the zone of 11,440 – 11,500,” Arun Kumar told Financial Express Online.
A mild recovery was also seen in the domestic currency with rupee trading 13 paise higher at 70.38 against the US dollar in intra-day. In Asia, all leading bourses witnessed mild to heavy sell-offs on Tuesday after US-China trade war further intensified. In a retaliatory move, China on Monday said it would raise tariffs on US goods worth nearly USD 60 billion. According to Raamdeo Agrawal of Motilal Oswal, the stock market will look for stability post elections. “The market will welcome if there is a smooth transitioning from this government to the new government, if that gets less majority,” Raamdeo Agrawal told in an interview to ET Now.