Stock market bounces back; banks, metals shine
Sensex was up 599.34 points, or 0.83 per cent at 73,088.33, while the Nifty was up 151.20 points or 0.69 per cent at 22,147.
The equity markets closed on a positive note on Wednesday. This marked the five-day losing streak of the Sensex and the Nifty.
In the past five sessions, the Sensex and Nifty declined almost 4 per cent each, data showed.
On Wednesday, Sensex settled at 57,038 points, up 574 points or 1.02 per cent, whereas Nifty was at 17,137 points, up 178 points or 1.05 per cent.
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“Foreign investors are pumping out funds in large quantities while support from DIIs is helping the market to partially balance the pressure. A similar level of volatility can be expected to continue until global uncertainties settle down leading to a softening of FII selling,” said Vinod Nair, Head of Research at Geojit Financial Services.
As per the latest available data, foreign portfolio investors have pulled out equities worth Rs 9,345 crore from Indian markets in the month of April.
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