Stock markets rebound on last-hour buying, Sensex closes up 111pts


PTI, May 13, 2024, 5:07 PM IST

Representative image (source: PTI)

Mumbai: Benchmark Sensex and Nifty staged a dramatic rebound on Monday to settle higher following buying in HDFC Bank, ICICI Bank and Tata Consultancy Services.

Helped by buying at the fag-end, the 30-share BSE Sensex closed higher by 111.66 points or 0.15 per cent at 72,776.13. The index opened lower and plummetted further 798.46 points or 1.09 per cent to hit a low of 71,866.01 in day trade.

The NSE Nifty rose by 48.85 points or 0.22 per cent to 22,104.05. The 50-issue rebounded around 310 points from the day’s low of 21,821.05 and hit a high of 22,131.65.

From the Sensex basket, Asian Paints, Sun Pharma, HDFC Bank, Tata Consultancy Services, Axis Bank, Tata Steel, JSW Steel, Larsen & Toubro, ICICI Bank and Power Grid were the major gainers.

Tata Motors dropped over 8 per cent despite reporting over three-fold jump in consolidated net profit at Rs 17,528.59 crore for the fourth quarter ended March 31, 2024.

NTPC, Bharti Airtel, Titan, State Bank of India and Nestle were the other major laggards.

Vinod Nair, Head of Research, Geojit Financial Services said, “Though the market reversed from the day’s low and ended up with a marginal gain, investors remain concerned over the progressing general election and high valuation.”

An absence of major positive triggers and the flight of FIIs from the domestic market will keep the short-term trend weak, Nair added.

“The week kicked off with market volatility, but by the end, it managed to eke out marginal gains. Initially bearish sentiments gave way to a recovery, particularly among key heavyweights, which not only erased losses but also propelled the index to close near the day’s peak,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.

Experts said that market volatility was high amid the ongoing Lok Sabha polls. As many as 96 seats went to polls in the fourth phase of elections on Monday.

“VIX’s rise from record lows to above 20 now, has unfolded in just a fortnight’s time. So, while recent history points to more room for upside in VIX and thereby volatility, the abruptness in the rate of change of VIX, may lead to a cool off, perhaps even before the electoral results,” Anand James, Chief Market Strategist, Geojit Financial Services said.

In the broader market, the BSE midcap gauge climbed 0.36 per cent while smallcap index dipped 0.23 per cent.

Among the indices, services climbed 1.41 per cent while realty (1.32 per cent), healthcare (1.15 per cent), industrials (1.03 per cent), commodities (0.79 per cent) and bankex (0.65 per cent) also advanced.

Consumer Discretionary, telecommunication, utilities and auto were among the laggards.

In Asian markets, Seoul, Tokyo and Shanghai settled lower while Hong Kong ended in the positive territory.

European markets were trading mostly lower. Wall Street ended mostly higher on Friday.

Foreign institutional investors (FIIs) offloaded equities worth Rs 2,117.50 crore on Friday, according to exchange data.

Global oil benchmark Brent crude climbed 0.28 per cent to USD 83.02 a barrel.

The BSE benchmark climbed 260.30 points or 0.36 per cent to settle at 72,664.47 on Friday. The NSE Nifty climbed 97.70 points or 0.44 per cent to 22,055.20.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Salman Khan gets another threat, asked to cough up Rs 5 cr

Rahul Gandhi to attend caste census meeting in Hyderabad today

Udupi: Gas cylinder explosion during party causes extensive damage in apartment

Stay Safe Online: Tips to avoid cyber fraud!

FIR against Sanjay Raut’s brother for remarks against Shiv Sena’s woman leader

Kodagu murder case accused escapes from police in Hyderabad

Karnataka Maritime Board announces plans for Mangaluru Water Metro Project

Related Articles More

New software for fast-tracking project approvals: Karnataka Minister Patil

In-flight passengers can access WiFi services only when allowed, say new rules

SEBI mulls separation of non-regulated activities; ‘cross-default’ definition for debenture trustees

Sensex plunges 942 points to settle at nearly 3-month low; RIL, HDFC Bank biggest drag

Equity investors become poorer by Rs 7.37 lakh crore during morning trade as markets tumble

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

Salman Khan gets another threat, asked to cough up Rs 5 cr

Mangaluru: Vishwa Konkani Samaroh to be held on Nov 5 and 6

Canadian cop suspended for attending pro-Khalistan protest outside Hindu temple

Rahul Gandhi to attend caste census meeting in Hyderabad today

Udupi: Gas cylinder explosion during party causes extensive damage in apartment

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.