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Market snaps four-day losing streak: Sensex zooms 581 points, Nifty reclaims 16K

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The Indian equity market snapped four sessions of losing streak today amid mixed global cues. Sensex ended 581 points higher at 53,424 and Nifty jumped 150 points to 16,013. Sun Pharma, TCS, NTPC, Wipro and Tech Mahindra were the top Sensex gainers, rising up to 3.99 per cent.

Tata Steel, PowerGrid and Titan were the top Sensex losers, falling up to 1.73%. Of the 30 Sensex stocks, 24 ended higher.

BSE mid-cap and small-cap indices gained 322 points and 340 points, respectively.

On the sectoral front, IT shares were the top gainers with the BSE IT index rising 821 points to 34,496.

Banking and capital goods shares also gained with their BSE indices rising 324 points and 312 points, respectively.

BSE pharma index too zoomed 443 points to 23,126. BSE oil and gas and metal indices lost 175 points and 423 points,respectively.

The market breadth was positive with 2,243 shares ending higher against 1085 stocks in the red. 99 shares were unchanged.

Market cap of BSE-listed firms rose to Rs 243.70 lakh crore against Rs 241.10 lakh crore market cap in the previous session.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas said, “The index witnessed sharp recovery towards the end of the session, which resulted in a bullish outside bar formation on the daily chart. The hourly momentum indicator has been showing positive divergence, which is assisting the bulls in the recovery.

The overall structure, shows that the Nifty has taken support near 61.8% retracement of the previous April – October rally as well as near lower end of a falling channel drawn for the January-March decline. Thus 15,800-15,700 is a crucial support zone for Nifty. Going ahead, the index is expected to test 16200 on the upside, beyond which the short term range will shift higher again.”

Share Market updates: Sensex rises 581 pts, Nifty ends above 16K; Sun Pharma, TCS, TechM top gainers

Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 7,482 crore on March 7, according to NSE data.

Meanwhile, the rupee rose 3 paise to close at 76.90 against the US dollar on Tuesday, tracking positive domestic equities and a weak dollar.

At the interbank forex market, the local unit opened at 77.02 against the greenback and witnessed an intra-day high of 76.71 and a low of 77.05.

On Monday, Sensex fell 1,491 points to 52,842 and Nifty slipped 382 points to 15,863. IndusInd Bank, Axis Bank, Maruti, Bajaj Finance and Bajaj Finserv were the top Sensex losers, falling up to 7.63 per cent.

Bharti Airtel, HCL Tech , Tata Steel, and Infosys were the top Sensex gainers, rising up to 3.46%. Of the 30 Sensex stocks, 26 ended lower.

Global markets

World markets were trading mixed on Tuesday, with European benchmarks and US futures turning higher after Asian shares extended losses.

Brent crude, the international standard, added $2.43 to $125.64 a barrel.

France’s CAC 40 added 2.2% to 6,112.21 while Germany’s DAX climbed 1.4% to 13,010.32. Britain’s FTSE 100 gained 0.2% to 6,971.04. US futures also advanced, with the contract for the Dow industrials up 0.3$ while the contract for the S&P 500 gained 0.5%.

In Asia, Japan’s benchmark Nikkei 225 shed 1.7% to finish at 24,790.95. Australia’s S&P/ASX 200 sank 0.8% to 6,980.30. South Korea’s Kospi slipped 1.1% to 2,622.40. Hong Kong’s Hang Seng lost 1.4% to 20,765.87, while the Shanghai Composite tumbled 2.4% to 3,293.53.

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