Nifty stages impressive comeback with HDFC Bank and TCS
Sensex and Nifty exhibited robust recoveries driven by notable performances from HDFC Bank and TCS, despite Tata Motors deviating from the trend
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In a remarkable turnaround, both the Sensex and Nifty exhibited robust recoveries driven by notable performances from HDFC Bank and TCS, despite Tata Motors deviating from the trend. The Nifty surged by 48.85 points, or 0.22%, reaching 22,104.05, showcasing a significant rebound from its earlier low of 21,821.05.
The BSE Sensex witnessed a rollercoaster ride, commencing lower and plunging to a day's low of 71,866.01, down by 798.46 points or 1.09%. However, a late surge led by buying in HDFC Bank, ICICI Bank, and Tata Consultancy Services propelled it to close higher by 111.66 points or 0.15% at 72,776.13.
Among the notable gainers in the Sensex basket were Asian Paints, Sun Pharma, HDFC Bank, Tata Consultancy Services, Axis Bank, Tata Steel, JSW Steel, Larsen & Toubro, ICICI Bank, and Power Grid. However, Tata Motors stood out as it plummeted over 8% despite announcing a significant three-fold increase in consolidated net profit.
On the flip side, NTPC, Bharti Airtel, Titan, State Bank of India, and Nestle were among the major laggards. Market experts voiced concerns over ongoing general elections and high valuations, indicating a cautious sentiment among investors. The volatility in the market was notably influenced by the Lok Sabha polls, with 96 seats going to polls in the fourth phase on the reported day.
The broader market saw the BSE midcap gauge ascending by 0.36%, while the smallcap index experienced a slight dip of 0.23%. Various sectors exhibited mixed performances, with services, realty, healthcare, industrials, commodities, and bankex registering gains, whereas consumer discretionary, telecommunication, utilities, and auto sectors lagged behind.
In global markets, Asian markets like Seoul, Tokyo, and Shanghai settled lower, while Hong Kong ended on a positive note. European markets displayed a predominantly lower trend. Meanwhile, Wall Street closed mostly higher on the preceding Friday.
Amidst these fluctuations, foreign institutional investors (FIIs) offloaded equities worth Rs 2,117.50 crore on the reported Friday. Additionally, the global oil benchmark Brent crude witnessed a modest climb to USD 83.02 a barrel.
The previous trading session witnessed the BSE benchmark climbing by 260.30 points or 0.36%, settling at 72,664.47, while the NSE Nifty surged by 97.70 points or 0.44%, closing at 22,055.20.
