Sensex rebounds 877 points, ends 296 points higher; Tech Mahindra, Dr Reddy’s, PowerGrid top gainers
Benchmark indices staged a smart recovery from day’s lows tracking gains in index majors ICICI Bank, HDFC twins and Tech Mahindra amid a largely positive trend in global markets.
Sensex ended 295.93 points higher at 57,420, rebounding 877 points from the day’s low during the session,
Nifty closed 82.50 points higher at 17,086. Tech Mahindra was the top Sensex gainer, rising 3.57 per cent, followed by Dr Reddy’s, PowerGrid, Kotak Bank, Sun Pharma, ICICI Bank and M&M. IndusInd Bank, Asian Paints, Maruti and Bharti Airtel were among the top Sensex losers falling up to 0.55%.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, ” We are of the view that 17,000 would be the key level for the trend following traders, above the same the uptrend formation is likely to continue till 17,150-17,250. On the other side, below 17,000, the index could possibly see another round of correction wave up to 16,900-16,860 levels.”
BSE mid-cap and small-cap indices rose 64 points to 24,421 and 148 points to 28,514, respectively. Market cap of BSE-listed firms rose to Rs 260.91 lakh crore today.
On the sectoral front, consumer durables, banking and healthcare shares led the gains. BSE bankex rose 293 points , BSE bankex index gained 293 points and BSE healthcare climbed 340 points.The market breadth was positive with 2,091 shares ending higher against 1,389 stocks in the red. 140 shares were unchanged.
Foreign institutional investors (FIIs) sold shares worth Rs 715 crore on December 24, and domestic institutional investors (DIIs) offloaded shares worth Rs 43.24 crore, as per provisional data on NSE.
On December 24, benchmark indices snapped three-day gaining streak as Madhya Pradesh and Uttar Pradesh imposed night curfew amid rising cases of Omicron in the country. After a choppy session, Sensex ended 190.97 points lower at 57,124 and Nifty declined 68.85 points to 17,003.75.
NTPC was the top Sensex loser, shedding 2.69 per cent, followed by M&M, Axis Bank, PowerGrid, Kotak Bank, Dr Reddy’s, Bajaj Finserv and HDFC.
Elsewhere in Asia, bourses in Shanghai, Seoul and Tokyo ended in the red, while Hong Kong was positive. Stock exchanges in Europe were trading on a mixed note in mid-session deals.
Meanwhile, international oil benchmark Brent crude rose 0.01 per cent to $75.78 per barrel.
