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.
Sensex and Nifty ended in positive territory with marginal gains after a volatile session on Thursday, led by led by gains in index majors TCS, Reliance Industries and L&T amid a positive trend in global markets.
The S&P BSE Sensex ended 91.84 points or 0.19 per cent higher at its new lifetime closing high of 49,584.16. Similarly, the broader NSE Nifty rose 30.75 points or 0.21 per cent to finish at a record 14,595.60.
The gainers on the Sensex charts were led by TCS that soared around 3 per cent. It was followed by IndusInd Bank, L&T, ITC, HUL, Reliance Industries and Sun Pharma.
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On the other hand, laggards included HCL Tech, dropped nearly 3 per cent, followed by Axis Bank, Asian Paints, UltraTech Cement and Infosys.
Domestic equities witnessed a brisk recovery from the day’s low mainly led by a rebound in FMCG and pharma stocks, said Binod Modi, Head- Strategy at Reliance Securities.
IT index has been most surprising as profit-booking was visible in many IT stocks despite strong Q3 numbers and upbeat guidance shared by the management.
“We believe the underlying strength of the market remains intact and any correction in the market is likely to be bought out. A sustained recovery in key economic data for Dec’20, better-than-expected 3Q FY21 corporate earnings so far and upbeat managements’ commentaries continue to augur well for the market,” he said.
Similar trends were witnessed on the broader market. The BSE Midcap ended with gains at 19,143.00 Mark, up by 0.29 per cent. Similarly, the BSE SmallCap closed 0.17 per cent higher at 18,882.23 levels.
Elsewhere in Asia, bourses in Hong Kong, Seoul and Tokyo ended in the positive territory, while Shanghai was in the red.
Stock exchanges in Europe were also trading with gains in early deals.
Meanwhile, the global oil benchmark Brent crude was trading 0.12 per cent lower at USD 55.99 per barrel.
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