Stock Market Rebounds: Sensex Rises 303 Points, Nifty Ends Near 18,000. PSBs, Metals Lead

Sensex and Nifty, the two key equity benchmarks, on Friday staged a perfect turnaround intra-day to close the session in the green, powered by select index heavyweights such as Infosys, ICICI Bank, TCS and HUL, which gained over 1 per cent each. The domestic indices also got some relief due to easing in domestic and US retail inflation.

The S&P BSE Sensex recovered 633 points from the day’s low and eventually ended 303 points higher at 60,261. On the other hand, the NSE Nifty50 ended 98 points up at 17,957 level after bouncing back from the day’s low at 17,774.

On the 30-share Sensex platform, Tata Steel, IndusInd Bank, Infosys, UltraCemco, ICICI Bank, Bajaj Finance emerged winners. On the other hand, Titan, Nestle, L&T, Axis Bank, ITC, and some others closed in the negative zone.

Among stocks, HCL Tech firmly recovered the day’s losses and ended with a 0.4 per cent gain. Check how analysts read its Q3 results.

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L&T Technology Services slumped 5.3 per cent on its plan to buy the smart world & communications business (SWC) from its parent L&T. 

Banking stocks will be in the spotlight ahead of their Q3 earnings, particularly when the stock market is going through extreme volatility.

In the broader markets, the BSE Midcap and Smallcap indices ended 0.09 and 0.2 per cent higher, respectively.

Within sectors, barring consumer durables, PSB and Metal indices on the Nifty logged in most gains, up over 1 per cent each, followed by IT and financial pockets.

In the previous session on Thursday, the S&P BSE Sensex closed at 59,958, down 147 points. On the other hand, Nifty50 closed at 17,858 levels, down 37 points.

Meanwhile, the rupee depreciated by 4 paise to close at 81.34 (provisional) against the US dollar on Friday, tracking a rebound in crude oil prices and sustained foreign fund outflows.

Forex traders said positive macroeconomic data and broad weakness in the American currency supported the rupee and contained the depreciation bias.

At the interbank foreign exchange market, the rupee opened on a weak note at 81.32 against the greenback, but lost ground and fell to an intra-day low of 81.45. The domestic currency finally settled at 81.34, down 4 paise over its previous close of 81.30.

Global oil benchmark Brent crude futures rose 0.42 per cent to $84.38 per barrel.

Foreign institutional investors (FIIs) turned net sellers in the capital markets on Thursday as they offloaded shares worth Rs 1,662.63 crore, according to exchange data.