Domestic indices bounce back amid global recovery
Mumbai, March 22
Benchmark stock indices Sensex and Nifty rebounded in afternoon to close over 1% higher on Tuesday as trade picked up in line with gains in the European markets. The afternoon surge was led by Reliance Industries, Infosys and TCS amid a recovery in global equities.
Earlier, the markets opened lower, the Sensex had plunged to a day’s low of 56,930.30 points on concerns over inflation and growth as India hiked fuel prices after a 137-day hiatus.
However, the barometer recovered in afternoon trade. The BSE Sensex closed up by 696.81 points at 57,989.30 as 26 of its constituents ended in green.
“The domestic market started with a negative bias taking cues from rising crude prices and hawkish signals from Fed (US Federal Reserve) on aggressive policy tightening. However, the trend reversed as European markets opened on a positive note buoyed by hope that Ukraine may consider working towards a truce,” said Vinod Nair, Head of Research at Geojit Financial Services.
The NSE Nifty climbed 197.90 points (1.16%) to finish at 17,315.50. — PTI
SENSEX SURGES 696.81 POINTS
RUPEE FLAT AT 76.18/$
CLOSES AT 57,989.30
- NSE Nifty rose 197.90 points to settle at 17,315.50 points
- Tech Mahindra was the top gainer, followed by RIL, Bajaj Fisnserv, ITC and TCS
