Sensex snaps 4-day losing streak, rises 581 points; Nifty ends at 16,013 - Times of India

Sensex snaps 4-day losing streak, rises 581 points; Nifty ends at 16,013 – Times of India

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NEW DELHI: Equity indices snapped 4-day losing streak by rising over 550 points tracking gains in IT and realty stocks, in a highly volatile session.
The 30-share BSE index rebounded sharply to close 581 points or 1.1 per cent higher at 53,424. While, the braoder NSE Nifty settled 150 points or 0.95 per cent higher at 16,013.
Top gainers in the sensex pack included Sun Pharma, TCS, NTPC, Wipro and Tech Mahindra with their shares rising as much as 3.09 per cent.
While Tata Steel, Power Grid, Titan and Nestle India were the top losers.
On the NSE platform, sub-indices Nifty Realty, IT, Media and Pharma gained up to 3.25 per cent.
“Domestic indices reversed its trend and traded with gains led by export-oriented sectors like Pharma and IT which witnessed buying interest as the rupee fell to its record lows. Favourable exit poll results of state election and low-level buying seen in mid and small caps also helped in adding optimism in the domestic market.
“Major western markets were also trading in the green while other Asian peers continued to trade in negative territory on fear of the impact of global inflationary pressure…,” Vinod Nair, Head of Research at Geojit Financial Services told news agency PTI.
Nifty’s volatility index, which indicates the degree of volatility traders expect over the next 30 days in the Nifty50 index, was down 2.53 per cent at 28.5875.
Oil prices surged past $126 a barrel on Tuesday, on fears sanctions against Russian oil could impact supply, with Moscow warning a ban would more than double the price to $300 a barrel.
Meanwhile, Credit Suisse said it downgraded India to ‘underweight’ from ‘overweight’ and warned of potential risks that oil prices at $120 a barrel could add $60 billion to India’s import bill.
“Higher oil prices hurt the current account, add to inflationary pressures and increase sensitivity to Fed rate hikes,” Credit Suisse added.
In addition, foreign institutional investors continued their selling spree in Indian markets as they offloaded shares worth Rs 7,482.08 crore on a net basis on Monday, according to exchange data.
(With inputs from agencies)



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