Domestic indices rebound on strong gains in banking, IT

Mumbai, August 30

Benchmark BSE Sensex and Nifty soared over 2.5% to log their best single-day gain in more than three months on Tuesday driven by value buying in banking, IT and oil stocks amid mixed global cues.

The Sensex jumped 1,564.45 points to settle at more than one-week high of 59,537.07. During the day, it zoomed 1,627.16 points to a day’s high of 59,599.78. The Nifty spurted 446.40 points to close at 17,759.30 as all 50 components advanced.

The key indices logged their best single-day gain since May 20. The indices had tumbled more than 1.4% on Monday after US Federal Bank chair Jerome Powell indicated last week that the central bank will stick to a strategy of rate hikes to cool inflation.

Making a sharp recovery, all the 30 Sensex shares ended in the green. Bajaj Finserv rallied the most by 5.47%, followed by Bajaj Finance which jumped 4.86%.

IndusInd Bank jumped 4.38%, Tech Mahindra by 3.96%, ICICI Bank by 3.72%, Kotak Mahindra Bank by 3.46%, Tata Steel by 3.29% and HDFC by 3.28%.

Gains in Reliance Industries, HDFC Bank, Infosys, TCS, HUL, SBI, Axis Bank and ITC fuelled the rally.

“Today’s rebound indicates the domestic economy’s resilience in comparison to its global peers. Although the markets are currently at premium valuations, continued support from foreign investors aided domestic stocks to inch higher,” said Vinod Nair, Head of Research at Geojit Financial Services.

A correction in crude oil prices and losses in the US dollar in the global markets also boosted the investor sentiment, analysts said.

“Markets made a remarkable recovery and gained over two-and-a-half per cent amid mixed global cues. After the gap-up start, the benchmark moved from strength to strength till the end and settled around the day’s high,” Ajit Mishra, VP-Research, Religare Broking, said. — PTI

Best single-day gain in over three months

• The BSE and NSE benchmarks logged their best single-day gain in more than three months
• A correction in crude oil prices and losses in the US dollar in the global markets also boosted the investor sentiment
• Making a sharp recovery, all the 30 Sensex shares ended in the green

SENSEX JUMPS 1,564.45 POINTS

CLOSES AT 59,537.07

RUPEE RISES 39P TO 79.52/$

• The NSE Nifty spurted 446.40 points to close at 17,759.30
• Bajaj Finserv rallied the most, followed by Bajaj Finance, IndusInd Bank & Tech Mahindra

Join Whatsapp Channel of The Tribune for latest updates.

#Mumbai #Sensex