Markets rebound after four-day rout; IT, pharma stocks sparkle

Mumbai, March 8

Market benchmarks ratcheted higher in a see-saw session on Tuesday after four days of steep declines as investors accumulated recently battered IT, pharma and finance stocks even as the Ukraine crisis remained an overhang.

The BSE Sensex opened on a weak note and tumbled 581.93 points to 52,260.82 during the day amid firming oil prices and relentless selling by foreign institutional investors.

Overcoming bouts of volatility, the index gained momentum in the last hour of trade to close 581.34 points higher at 53,424.09. On similar lines, the broader NSE Nifty darted up 150.30 points to 16,013.45.

Sun Pharma topped the Sensex gainers’ chart with a jump of 3.99%, followed by TCS, NTPC, Wipro, Tech Mahindra, Dr Reddy’s, UltraTech Cement and Infosys.

In contrast, Tata Steel, PowerGrid, Titan, Nestle India, Reliance Industries and SBI closed with losses of up to 1.73%.

“Domestic indices reversed its 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.

“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…,” said Vinod Nair, Head of Research at Geojit Financial Services. — PTI

Rupee slips 7 paise to record low of 77/$

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BSE Benchmark jumps 582 points

• The Sensex opened on a weak note and tumbled 581.93 points during the day before gaining momentum in the last hour of trade to close 581.34 points higher at 53,424.09
• On similar lines, the broader NSE Nifty darted up 150.30 points to 16,013.45
• Sun Pharma topped the gainers’ chart with a jump of 3.99%, followed by TCS, NTPC, Wipro, Tech Mahindra, Dr Reddy’s, UltraTech Cement and Infosys