Sensex, Nifty regain lost ground on value buying
Key indices recoup Monday’s losses over 3% as bargain hunters turn active in energy, finance and IT stocks amid signs of easing Russia-Ukraine tensions; Re recovery further strengthens sentiment; Investors’ wealth recovers by Rs6.37 lakh cr as mcap on BSE surged to Rs261.80 lakh cr
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Ray Of Hope
- BSE Sensex surged 1,736.21 pts to 58,142.05
- NSE Nifty soared 509.65 pts to 17,352.45
- All Sensex stocks end on positive note
- Bajaj Finance, SBI, Bajaj FinServ, L&T, Titan, Wipro and Asian Paints rally over 5%
- All 19 BSE sectoral indices logged gains
- Reports that Russian troops retreating bolstered sentiment
Mumbai: Equity indices staged a stellar comeback on Tuesday after suffering their worst losses in a year in the previous session as bargain hunters piled into energy, finance and IT stocks amid signs of easing Russia-Ukraine tensions. European markets clambered up following reports that some Russian troops near Ukraine were returning to their bases, which could de-escalate tensions between Moscow and the West. A strengthening rupee further bolstered sentiment, traders said.
Recouping the previous day's losses, the 30-share BSE Sensex surged 1,736.21 points or 3.08 per cent to end at 58,142.05. This was its biggest one-day jump since February 1, 2021. Likewise, the NSE Nifty soared 509.65 points or 3.03 per cent to settle at 17,352.45.
On the Sensex chart, all 30 shares closed with gains -- with Bajaj Finance, SBI, Bajaj FinServ, L&T, Titan, Wipro and Asian Paints rallying as much as 5.13 per cent.
"A ray of hope that tension between Russian and Ukraine is de-escalating, prompting a smart recovery in global equities. The domestic market followed the trend as oil prices edged lower. India's CPI inflation for January rose to 6.01 per cent, breaching RBI's tolerance level due to high food inflation and low base effect, this will be a point of concern for domestic market in the near-term," said Vinod Nair, head (research) at Geojit Financial Services.
The retail inflation rate breached the six per cent upper tolerance limit of the RBI for the first time in seven months in January, while the wholesale price index stayed in double-digits for the 10th month in a row, as per official data released after market hours on Monday.
