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Markets recover on value-buying
Indian stock markets, which posted their biggest drop in nearly two months on Tuesday after RBI went for 25 bps rate cut, drove back into positive zone on Wednesday on value-buying in beaten-down stocks amid mixed global cues.
Mumbai: Indian stock markets, which posted their biggest drop in nearly two months on Tuesday after RBI went for 25 bps rate cut, drove back into positive zone on Wednesday on value-buying in beaten-down stocks amid mixed global cues.
Markets had opened on a slightly positive note and remained volatile throughout the day, although in a very narrow range.
Benchmark BSE Sensex resumed slightly higher at 24,978.86 and hovered in a range of 25,000.65 to 24,834.16 before ending at 24,900.63, a marginal rise of 17 points or 0.07 per cent. The gauge had slumped 516 points on Tuesday, its biggest single-day fall since February 11, after RBI cut repo rate by 25 basis points to 6.5 per cent, which was widely expected by the market.
The NSE Nifty ended 11.15 points or 0.15 per cent higher at 7,614.35 after shuttling between 7,638.65 and 7,591.75.
On the Sensex, Tata Steel emerged as top gainer by climbing 5.24 per cent to Rs 328.45 after the steel giant got centre’s green panel nod for Odisha mining project and reports the British government opened talks with potential buyers for the company’s UK operations.
Of the 30-share Sensex pack, 19 scrips rose while 11 declined. Major gainers were Tata Motors (1.81 per cent), Lupin (1.54 per cent), Bharti Airtel (1.47 pc), Larsen (1.22 pc), Sun Pharma (1.13 pc) and BHEL (1.06 pc). However, Axis Bank fell by 1.71 per cent followed by Infosys (1.44 pc), ICICI Bank (1.20 pc) Adani Ports (1.19 pc) and NTPC (0.75 pc).
Among BSE sectoral and industry indices, metal rose by 2.33 per cent, capital goods (1.11 pc), industrials (1.02 pc), telecom (0.96 pc), realty (0.76 pc), oil & gas (0.62 pc), power (0.53 pc), energy (0.46 pc) and healthcare (0.36 pc).
The market breadth turned positive as 1,656 stocks ended higher, 890 declined, while 142 ruled unchanged.
Meanwhile, foreign investors, which had been net buyers on the bourses, sold shares worth Rs 800.79 crore on Tuesday.
Overseas, Asia witnessed a mixed trend with the Shanghai Composite ending nearly flat, Hang Seng rising 0.15 per cent, Singapore moving up 0.37 per cent and Korea gaining 0.44 per cent. Europe too edged up with oil boosting key indices.
