Benchmark stock market indices rebound sharply to end on a positive note after struggling for most parts of Monday’s trading session.
The S&P BSE Sensex rose 111.66 points to settle at 72,776.13, while the NSE Nifty50 ended 43.2 points higher at 22,098.4.
Most of the other broader market indices also recovered even as volatility remained on the higher side.
Nifty Auto plunged over 1.6% and was the top loser among sectoral indices. High-weightage Nifty Bank and Nifty Financial Services contributed to the late recovery on Dalal Street, with each gaining 0.7%.
Nifty Pharma was the top gainer among sectoral indices, rising 1.8% as Cipla shares soared.
The top five gainers on the Nifty50 were Cipla, Asian Paints, HDFC Life, Adani Enterprises and Adani Ports. On the other hand, the top five losers were Tata Motors, BPCL, Shriram Finance, Coal India and NTPC.
Tata Motors shares fell nearly 9% at closing as several brokerages downgraded the stock even as the company reported strong quarterly revenue growth and net profit.
Meanwhile, Cipla shares gained 6% after the pharmaceutical giant reported a 78% year-on-year increase in net profit.
Aditya Gaggar, Director of Progressive Shares, said, “Indian equities commenced the week on a tepid note and in the opening trade itself, the Index lost its psychological support of 22,000 to test crucial support of 21,830.”
“After oscillating around the support level, a V-shaped recovery was seen in the markets which pushed the Index higher to reclaim the level of 22,000. With gains of 48.85 points, Nifty50 settled the day at 22,104.05. Pharma and Metal counters contributed the most in the recovery followed by Banking counters while the Auto sector was in the reverse gear in today’s trade,” he added.
“As per the pattern, it seems that the short-term bottom is placed. Once the Index gives a convincing move above the immediate hurdle of 22,250, then we can consider a reversal of the trend.”
Source Agencies
