The benchmark equity indices -- Sensex and Nifty -- on Wednesday rebounded after falling in the last two trading sessions, owing to gains in energy, metal, and power stocks as global crude oil prices eased and rupee recovered against the dollar.
The benchmark equity indices — Sensex and Nifty — on Wednesday rebounded after falling in the last two trading sessions, owing to gains in energy, metal and power stocks as global crude oil prices eased and rupee recovered against the dollar. While Sensex ended 82.79 points, or 0.23 per cent, higher at 36,563.88, Nifty settled 23.05 points, or 0.21 per cent, up at 10,840.65 in the rangebound session. In the Sensex pack, Tata Steel, Vedanta, SBI, Tech Mahindra, Bajaj Finance, Asian Paints, M&M, NTPC and PowerGrid, rose up to 4 per cent. Among the laggards were ONGC, Yes Bank, Bharti Airtel, HDFC Bank, Sun Pharma and Maruti. The stock markets fell over 600 points in the intraday trade on Tuesday.
“The correction in crude oil prices has definitely provided respite to investors. Nonetheless, geo-political developments would still be one of the key factors on investors’ radar as any further escalation would have an adverse impact on markets and economy. Apart from this, the FOMC meet outcome tonight would be a key factor as there is a wide expectation of a rate cut,” Ajit Mishra Vice President, Research, Religare Broking.
“Nifty recovered after heavy selling witnessed in earlier session. it was heartening to see broader markets come back so quickly. Markets are witnessing value buying especially from the mid and small caps end. Nifty overall has been in a broader range between 10,650-11,150 range and either side breakout would give sizeable trading opportunity. Till 10,650 zone is not breached on the downside decisively we remain contra bullish on the Nifty,” Manav Chopra, CMT, Head Research – Equity, Indiabulls Ventures. Meanwhile, the rupee appreciated 52 paise (intra-day) to trade at 71.26 per US dollar.