Wednesday, May 29, 2024

Sensex rebounds 454 pts on buying in IT shares, foreign fund inflows


Mumbai: Benchmark indices Sensex and Nifty rebounded nearly 1 per cent on Tuesday following buying in IT giants TCS and Infosys, foreign fund inflows and positive global trends.

After a firm opening, the 30-share BSE Sensex climbed 454.67 points or 0.63 per cent to settle at 72,186.09. As many as 19 Sensex shares advanced and 11 declined. During the day, the barometer jumped 529.98 points or 0.73 per cent to 72,261.40.

The Nifty gained 157.70 points or 0.72 per cent to close at 21,929.40, driven gains in BPCL, HDFC Life and HCL Tech.

A rebound in Chinese markets also bolstered the sentiment, analysts said. Chinese markets jumped up to 4 per cent after Monday’s steep losses as a state-run investment fund said it would jack up share purchases. Reports also suggested China President Xi Jinping was set to meet with officials to discuss the markets.

“The market exhibited a positive breadth, registering moderate gains, with investors showing reluctance to significantly trim their positions ahead of the RBI MPC meeting. Expectations for a dovish monetary policy buoyed sentiment in the bond market,” Vinod Nair, Head of Research, Geojit Financial Services said.

The RBI Monetary Policy Committee headed by governor Shaktikanta Das started its thre-day deliberations on Tuesday. The panel will announce the policy decision on Thursday.

Oil & gas stocks also advanced as the market weighed down geopolitical risks in the Middle East and awaited improvements in the weekly US crude inventory, he added.

Among the Sensex firms, HCL Technologies, Tata Consultancy Services, Maruti, Wipro, Larsen & Toubro, Infosys, Tata Steel, Bharti Airtel, State Bank of India, Tech Mahindra, UltraTech Cement and Mahindra & Mahindra were the major gainers.

Bharti Airtel climbed over 2 per cent after the company on Monday posted a 54 per cent jump in consolidated net profit to Rs 2,442.2 crore for the December quarter, mainly on account of growth in high-value customers.

Power Grid, IndusInd Bank, ITC, Kotak Mahindra Bank, Bajaj Finserv and Axis Bank were among the laggards.

“All key sectors, barring banking, are attracting buying on a rotational basis and that is helping the index to maintain a positive tone amid consolidation,” Ajit Mishra, SVP – Technical Research, Religare Broking Ltd, said.

In the broader market, the BSE smallcap gauge climbed 1.23 per cent and midcap index jumped 1.06 per cent.

Among the indices, oil & gas zoomed 3.02 per cent, IT jumped 2.94 per cent, teck climbed 2.74 per cent, telecommunication went up by 2.17 per cent, energy (2.07 per cent), auto (1.65 per cent) and capital goods (1.61 per cent).

Utilities, power and bankex were the laggards.

A total of 2,353 stocks advanced while 1,508 declined and 83 remained unchanged.

In Asian markets, Shanghai and Hong Kong settled with smart gains while Seoul and Tokyo ended in the negative territory.

European markets were trading mostly in the green. The US markets ended lower on Monday.

Foreign Institutional Investors (FIIs) bought equities worth Rs 518.88 crore on Monday, according to exchange data.

The BSE benchmark declined by 354.21 points or 0.49 per cent to settle at 71,731.42 on Monday. The Nifty fell by 82.10 points or 0.38 per cent to close at 21,771.70.

Global oil benchmark Brent crude dipped 0.09 per cent to USD 77.92 a barrel.


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