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 ended 1.5 per cent lower on Wednesday, tracking heavy profit-booking in index majors HDFC Bank, Infosys and Kotak Bank amid mixed cues from global markets.
After touching a lifetime high of 44,825.37 in the opening session, the S&P BSE Sensex ended 694.92 points or 1.56 per cent lower at 43,828.10.
Of the 30 constituents on the BSE, 27 ended in red territory. ONGC, PowerGrid and IndusInd Bank were the only gainers. On the other hand, losers were led by Kotak Bank, falling around 3 per cent, followed by Axis Bank, Sun Pharma, HDFC Bank, Bajaj Finance and Asian Paints.
Advertisement
The broader NSE Nifty touched a record intra-day peak of 13,145.85, before ending 196.75 points or 1.51 per cent down at 12,858.40.
“Domestic equities witnessed sharp correction today as profit booking was seen across the counters,” said Binod Modi, Head- Strategy at Reliance Securities.
As expected, high volatility was seen ahead of monthly derivatives expiry, he noted.
“Having seen a sharp jump in last couple of trading days, a profit booking was broadly expected,” he added.
In the broader market front, the MidCap and SmallCap ended with loses at 1.76 per cent and 1 per cent respectively.
Elsewhere in Asia, bourses in Shanghai and Seoul settled in the red, while Tokyo and Hong Kong ended with gains.
Stock exchanges in Europe were also trading on a mixed note in early deals.
Meanwhile, Brent crude futures, the global oil benchmark, was trading 1.15 per cent higher at USD 48.33 per barrel.
Advertisement
