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.
Domestic equity benchmarks extended their losses for fifth day in a row on Wednesday tracking weakness in Bharti Airtel, TCS and Bajaj Finance despite largely positive cues from global markets.
After opening on a positive note, S&P BSE Sensex slipped 65.66 points or 0.17 per cent down at 37,668.42 levels with Bharti Airtel being the top loser, which plunged around 8 per cent.
Similarly, the NSE Nifty fell 21.80 points or 0.20 per cent to close at 11,131.85.
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Other laggards on the Sensex included Tata Steel, IndusInd Bank, NTPC, PowerGrid, ONGC and TCS. On the other hand, Axis Bank, HUL, Infosys, Nestle India and HDFC Bank were among the gainers.
The broader markets followed the pattern of the benchmarks and ended in negative territory. S&P BSE MidCap ended 0.33 per cent lower at 14,237.92. Similarly, the SmallCap plunged 0.067 to end at 14,499.53.
According to traders, despite positive global cues, domestic benchmarks were dragged lower by stock-specific selling in index majors.
Bourses in Shanghai, Hong Kong and Seoul ended with gains, while Tokyo closed in the red.
Stock exchanges in Europe were trading significantly higher in early deals.
Meanwhile, international oil benchmark Brent crude was trading 0.89 per cent higher at USD 42.09 per barrel.
In the forex market, the rupee inched up 1 paisa to close at 73.57 against the US dollar.
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