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.
Market benchmark Sensex was trading around 667 points up during the intraday trade on Monday after the worst week of trade since the 2008 financial crisis.
After rallying over 785 points in the first few minutes of trade, the 30-share index was up 666.80 points at 38,964.09 at 12.01 pm.
Likewise, the broader Nifty benchmark climbed to as high as 182.35 points at 11,384.10.
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Top gainers in the Sensex pack included Infosys, ICICI Bank, HCL Tech, Nestle, Power Grid Corp.
On the other hand, Bajaj Auto, Kotak Mahindra and Hero Motocorp were trading in red.
In the previous session, the Sensex logged its second-biggest one-day fall in history as concerns over the coronavirus triggered a manic global sell-off. The 30-share index ended 1,448.37 points, or 3.64 per cent, lower at 38,297.29, while the Nifty sank 431.55 points or 3.71 per cent to end at 11,201.75.
Further, on a net basis, foreign institutional investors (FPIs) sold equities worth Rs 1,428.74 crore, while domestic institutional investors bought shares worth Rs 7,621.16 crore on Friday, data available with stock exchanges showed.
According to traders, following the recent selloff in global equity markets, investors are bottom-fishing recently-battered stocks.
Meanwhile, China has reported 42 new fatalities from the novel coronavirus outbreak, taking the death toll in the country to 2,912, Chinese health officials said on Monday, as the rapid spread of the epidemic wreaked havoc globally causing over 3,000 deaths and infecting more than 88,000 people.
On the domestic front, stocks are expected to react to the GDP growth numbers released after market hours on Friday.
India’s gross domestic product (GDP) growth slipped to a nearly 7-year low of 4.7 per cent in October-December 2019, weighed by a contraction in manufacturing sector output.
(With input from agencies)
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