Sensex rebounds 316 points, logs biggest single session gain since April 5
The Sensex stayed in the positive terrain throughout the session and hit a high of 34,741.46 intra-day, before finishing at 34,663.11, a sharp rise of 318.20 points, or 0.93 per cent. The 30-share gauge had lost 306.33 points in yesterday's trade.
The Sensex and Nifty rebounded in Thursday's session with the Sensex logging its biggest single session gain since April 5. The rally was led by robust gains in IT, banking, metal and pharma stocks amid mixed global cues.
The Sensex stayed in the positive terrain throughout the session and hit a high of 34,741.46 intra-day, before finishing at 34,663.11, a sharp rise of 318.20 points, or 0.93 per cent. The 30-share gauge had lost 306.33 points in yesterday's trade.
The broader Nifty touched a high of 10,535.15 before closing at 10,513.85, up 83.50 points, or 0.80 per cent.
In the broader market, the BSE Midcap and the BSE Smallcap indices underperformed to slip 0.2 per cent and 0.1 per cent, respectively.
Market breadth, indicating the overall health of the market, turned negative. On the BSE, 1,356 stocks declined, 1,283 stocks rallied, while 140 stocks remained unchanged.
"Market managed to end higher in a volatile trading session, taking cues from dovish Fed minutes and softening of crude oil prices. Besides, the report stating considerable rise in direct tax collection in the last financial year further boosted the sentiment. Initially, IT majors pushed the benchmark higher which later joined by others in the second half. However, pressure remained on broader front as a result both midcap and smallcap index ended lower," said Jayant Manglik, President, Religare Broking.
"Today's sharp rebound in Nifty was a bit of a surprise especially after the Wednesday's fall and that caught bears completely off-guard. However, it's too early to call this bounce as reversal and thus advise waiting for confirmation before jumping into a trade. Private banks, IT and FMCG counters should be preferred for buying while further recovery in PSU banks and metal would attract fresh shorts," Manglik added.
Technology stocks rallied, with the IT index up 2.45 per cent as TCS, Infosys, Wipro and HCL Technologies spurted following favourable rupee movement. Pharma, banking, financials and metals stocks also lent support to the market.
The major gainers on the Sensex were Bharti Airtel, Tata Consultancy Services (TCS), Infosys, Axis Bank and Tata Steel, while Tata Motors, ONGC, Tata Motors (DVR), Bajaj Auto and Maruti Suzuki were the major losers.
On the Nifty, the top gainers were Infosys, Bharti Airtel and TCS. The major losers were ONGC, Tata Motors and Grasim Industries.
Meanwhile, domestic institutional investors bought shares worth a net Rs 789.78 crore, while foreign portfolio investors (FPIs) sold equities worth Rs 311.11 crore yesterday, provisional data showed.
05:07 PM IST