Key indices bounce back on global rebound, positive national data
RIL, banking stocks hog limelight; Re recovery, GDP growth data strengthen investor sentiment
image for illustrative purpose
Recouping Losses
- Concerns over Omicron still lingering
- BSE Sensex rallied 619.92 pts to 57,684.79
- NSE Nifty surged 183.70 pts to 17,166.90
- Rise in PMI mfg, GST revenue further support indices
- IndusInd Bank top gainer in Sensex pack
- Axis Bank, SBI, Tech Mahindra, Maruti and Reliance Ind up
- Dr Reddy's, UltraTech, Sun Pharma, Airtel, Titan and Kotak Bank in the red
Mumbai: The BSE Sensex rallied 620 points, while the NSE Nifty reclaimed the 17,100 level on Wednesday as investors piled into recently-battered banking, finance and energy counters amid a recovery in global equities despite lingering concerns over the Omicron coronavirus variant.
A sharp jump in the rupee and encouraging macroeconomic data further enthused domestic investors, traders said. The 30-share BSE Sensex rallied 619.92 points or 1.09 per cent to close at 57,684.79. Similarly, the NSE Nifty surged 183.70 points or 1.08 per cent to 17,166.90.
"After the sharp sell-off in the global markets on Tuesday, Indian equities reversed course following recovery in global markets and strong domestic GDP data. India's Q2 GDP recorded a growth of 8.4 per cent as economic activity moved towards normalcy after the impact of the second wave. Though the Fed chair's comment on speeding up the pace of the bond-buying taper plan kept investors cautious along with the concerns of Omicron, the global markets recovered sharply today," said Vinod Nair, head (research) at Geojit Financial Services.
Ajit Mishra, V-P (research), Religare Broking, adds: "The Omicron variant remains a worrying factor for markets worldwide. At the same time, favourable domestic data may result in some intermediate relief but the possibility of any major directional move seems unlikely. Keeping all in mind, it's prudent to stay cautious and wait for further clarity." Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 5,445.25 crore on Tuesday, as per exchange data.
IndusInd Bank was the top gainer in the Sensex pack, spurting 5.73 per cent, followed by Axis Bank, SBI, Tech Mahindra, Maruti and Reliance Industries. On the other hand, Dr Reddy's, UltraTech Cement, Sun Pharma, Bharti Airtel, Titan and Kotak Bank were among the laggards, shedding up to 1.58 per cent.
