Mkts recoup losses in fag-end buying

Large-caps In Focus

• BSE Sensex jumped 408.86 pts or 0.55% to new record high of 74,085.99
• During the day, Sensex went up by 474.14 pts or 0.64% to all-time high of 74,151.27
• Nifty climbed 117.75 pts or 0.53% to fresh peak of 22,474.05
• During the day, Nifty jumped 140.9 pts or 0.63% to record high of 22,497.20
• Kotak Mahindra Bank, Axis Bank, Airtel, Sun Pharma, HCL Tech, M&M, Titan and TCS were gainers
• UltraTech Cement, NTPC, Maruti, JSW Steel, Power Grid and Tata Motors among laggards
• Renewed buying in large-cap stocks

Mumbai: Benchmark Sensex and Nifty rebounded from early lows and settled at fresh record high levels in a volatile trade on Wednesday following buying in private bank and select IT shares. The 30-share BSE Sensex jumped 408.86 points or 0.55 per cent to settle at a new record high of 74,085.99. During the day, it went up by 474.14 points or 0.64 per cent to hit an all-time high of 74,151.27. The index had opened lower and later fell to a day’s low of 73,321.48 in the first half. The broader Nifty climbed 117.75 points or 0.53 per cent to settle at a lifetime high of 22,474.05. During the day, it jumped 140.9 points or 0.63 per cent to reach its record high of 22,497.20.

“Global markets witnessed mixed signals ahead of the US FED chair’s testimony to Congress. The domestic market exhibited a smart recovery in the second half, reversing initial losses as buying picked up in large-cap stocks,” said Vinod Nair, head (research) at Geojit Financial Services.

“The tone was negative in the first half, tracking weak global cues, however, resilience in banking combined with sharp recovery in the IT and FMCG majors completely changed the mood as the day progressed,” said Ajit Mishra, SV-P (technical research) at Religare Broking Ltd. In the broader market, the BSE smallcap gauge declined 1.91 per cent and midcap index fell by 0.65 per cent.

Among the indices, bankex climbed 0.99 per cent, teck jumped 0.87 per cent, IT (0.66 per cent), consumer durables were among the gainers. Services declined 2.03 per cent, realty dipped 1.40 per cent, power (1.07 per cent), oil & gas (0.85 per cent) and commodities (0.76 per cent).

The benchmark indices traded lower in the first half of the session, but gains in private banks and pharma shares and firm European markets helped erase losses, analysts said.

Among Sensex firms, Kotak Mahindra Bank rose the most by 2.47 per cent. Axis Bank, Bharti Airtel, Sun Pharma, HCL Technologies, Mahindra & Mahindra, Titan and Tata Consultancy Services were among the major gainers. UltraTech Cement, NTPC, Maruti, JSW Steel, Power Grid and Tata Motors were among the laggards.

Shares of JM Financial closed nearly 11 per cent lower after the Reserve Bank imposed restrictions on group firm JM Financial Products Ltd. IIFL Finance Ltd tanked 20 per cent to hit the lower circuit at Rs 382.80 on BSE, extending losses for the second day after RBI action against the company. Indian-Canadian billionaire Prem Watsa-backed Fairfax India announced its commitment to provide up to $200 million (about Rs 1,650 crore) liquidity support to IIFL Finance after the Reserve Bank of India barred the non-bank lender from disbursing gold loans.