Sensex, Nifty end off lows in a volatile session; check what helped markets to recoup losses today

By: |
Published: June 16, 2020 4:19 PM

Most of the sectoral indices ended with gains. Nifty Bank index jumped nearly 2 per cent led by gains in HDFC Bank, ICICI Bank and Kotak Mahindra Bank

Sensex, NiftyThe 30-share Sensex fell 1,069 points from day’s high during the trade and rose 650 points from day’s low to settle at 33,605

Staging a smart recovery, BSE Sensex and Nifty 50 index settled with one per cent gain on Tuesday. Indian share market turned negative in the intraday deals after the news report suggested that one army officer and two soldiers were killed in a violent face-off with Chinese troops last night in Galwan. The 30-share Sensex fell 1,069 points from day’s high during the trade and rose 650 points from day’s low to settle at 33,605. Similarly, after touching the day’s low of 9,728, the broader Nifty 50 index reclaimed 9,900-mark to close the session on a positive note. “Dalal Street witnessed significant volatility amidst India-China tension in Ladakh. The markets finally managed to recover lost ground helped largely by the HDFC Twins & ICICI Bank in late afternoon trade,” said S Ranganathan, Head of Research at LKP Securities.

HDFC twins lead the gains: Index heavyweights such as HDFC Bank, HDFC, ICICI Bank, Infosys, Kotak Mahindra Bank, TCS and Reliance Industries were the top index contributors today. Among top Sensex draggers were Tech Mahindra, Axis Bank, IndusInd Bank, ITC, SBI and Bharti Airtel.

Nifty Bank index jumps 2%: Most of the sectoral indices ended with gains. Nifty Bank index jumped nearly 2 per cent led by gains in HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Federal Bank. On the contrary, Nifty FMCG, Nifty Pharma, Nifty PSU Bank and Nifty Realty ended in the red.

Broader market: The broader market,  mid-caps and small-caps, underperformed the benchmarks, as their sectoral indices on BSE closed 0.37 per cent and 0.04 per cent higher.

India-China tensions flare-up: Indian troops seriously violated consensus of the two sides by illegally crossing the border twice and carrying out provocative attacks on Chinese soldiers, ANI quoted China’s Global Times as saying. “Investors seem to have set aside the news emerging from the border and are still hoping on the fact that liquidity will keep propping the markets, for the time being. India can ill-afford another battlefront since it is still battling the virus pandemic and will need to be watched out for,” said Vinod Nair, Head of Research at Geojit Financial Services.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Prism Johnson rating ‘add’ – sale of subsidiary to help the balance sheet
2Nifty declines 2.2% dragged by falling banking stocks over fraud label on DHFL
3Analyst Corner: Edelweiss maintains ‘buy’ rating on TCS with target price of Rs 2,310