PTISnapping their four-session losing streak, domestic benchmark indices finally managed to gain some lost ground on Tuesday as traders looked past Russia’s attack on Ukraine and rushed to buy stocks at lower prices.
The entire session was choppy as global sentiments favoured bears. Pressured by weak global cues, indices opened with cuts but eventually staged a strong recovery lifted by IT, realty and pharma stocks, while metal and oil and gas indices were down 1 per cent each.
The 30-share pack Sensex rebounded 581 points or 1.10 per cent to close at 53,424.09. Its broader peer NSE Nifty50 rose 150 points or 0.95 per cent to reclaim the 16,000 mark.
Sun Pharma and TCS were the top gainers as the market recovered in the last hour of trade, rising over 3.5% each. NTPC, Dr Reddy's, Wipro, Ultratech Cement and Tech Mahindra were other top gainers.
Hindalco was the biggest loser in the Nifty pack, falling 4.59 per cent. ONGC, Tata Steel, JSW Steel, Britannia were other names that ended with cuts.
All Nifty Bank constituents closed higher, with ICICI Bank and HDFC Bank leading the pack. The index rose 1,003 points from lows, while BSE midcap and smallcap indices rose over 1 per cent each.
VIP Industries, Indian Bank, City Union Bank, PVR, Lux Industries, Mahanagar Gas were top gainers from mid and smallcap indices, rising in the range of 5-9 per cent.
JK Cement was the top midcap loser, down 18% in the last two sessions.
"Domestic indices reversed their trend and traded with gains led by export-oriented sectors like pharma and IT, which witnessed buying interest as the rupee fell to its record lows. Favourable exit poll results of state election and low-level buying seen in mid and small caps also helped in adding optimism in the domestic market," said Vinod Nair, Head of Research at Geojit Financial Services.
Major western markets were also trading in the green while other Asian peers continued to trade in negative territory on fear of the impact of global inflationary pressure due to the ban on Russia’s oil export, he added.
About 2,243 shares have advanced, 1,085 shares declined, and 99 shares remained unchanged.
Nearly 25 stocks hit upper circuit limits and three touched lower circuit limits.
Meanwhile, Brent crude jumped 2.50 per cent to $126.1 a barrel, nickel surged to above $100,000 as investors assessed the impact of the Ukraine war on the world economy.
The entire session was choppy as global sentiments favoured bears. Pressured by weak global cues, indices opened with cuts but eventually staged a strong recovery lifted by IT, realty and pharma stocks, while metal and oil and gas indices were down 1 per cent each.
The 30-share pack Sensex rebounded 581 points or 1.10 per cent to close at 53,424.09. Its broader peer NSE Nifty50 rose 150 points or 0.95 per cent to reclaim the 16,000 mark.
Sun Pharma and TCS were the top gainers as the market recovered in the last hour of trade, rising over 3.5% each. NTPC, Dr Reddy's, Wipro, Ultratech Cement and Tech Mahindra were other top gainers.
Hindalco was the biggest loser in the Nifty pack, falling 4.59 per cent. ONGC, Tata Steel, JSW Steel, Britannia were other names that ended with cuts.
"On the daily chart, a bullish engulfing pattern has formed which suggests short-term positive reversal"
All Nifty Bank constituents closed higher, with ICICI Bank and HDFC Bank leading the pack. The index rose 1,003 points from lows, while BSE midcap and smallcap indices rose over 1 per cent each.
VIP Industries, Indian Bank, City Union Bank, PVR, Lux Industries, Mahanagar Gas were top gainers from mid and smallcap indices, rising in the range of 5-9 per cent.
JK Cement was the top midcap loser, down 18% in the last two sessions.
"Domestic indices reversed their trend and traded with gains led by export-oriented sectors like pharma and IT, which witnessed buying interest as the rupee fell to its record lows. Favourable exit poll results of state election and low-level buying seen in mid and small caps also helped in adding optimism in the domestic market," said Vinod Nair, Head of Research at Geojit Financial Services.
Major western markets were also trading in the green while other Asian peers continued to trade in negative territory on fear of the impact of global inflationary pressure due to the ban on Russia’s oil export, he added.
About 2,243 shares have advanced, 1,085 shares declined, and 99 shares remained unchanged.
Nearly 25 stocks hit upper circuit limits and three touched lower circuit limits.
Meanwhile, Brent crude jumped 2.50 per cent to $126.1 a barrel, nickel surged to above $100,000 as investors assessed the impact of the Ukraine war on the world economy.
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