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Sensex snaps 4-day losing run, gyrates 1,117 pts intraday before closing 198 pts higher – Economic Times

NEW DELHI: Benchmark indices rebounded from lows on Tuesday as low-level buying helped them snap a four-day losing streak. Investors ignored the rising dollar and concerns over Covid cases in Europe.

However, gains were checked as BlackRock said it is trimming its investments in Indian equities and becoming more optimistic on China on attractive valuations amid expectations that policy hurdles will ease next year.

The 30-share pack Sensex gained 198.18 points or 0.34 per cent to close at 58,664.33. The index climbed about 950 points from the day’s low. Its broader peer NSE Nifty added 86.80 points or 0.50 per cent to 17,503.35.

“Domestic equities clawed its way out of the recent dip boosted by metal, PSU bank and pharma stocks with mid and small-caps outperforming the benchmark indices. Oil and gas indices remained under pressure amid reports of the US releasing its emergency oil reserves to keep the rising crude oil prices under control,” said Vinod Nair, Head of Research at Geojit Financial Services.

Market at a glance:

  • Vodafone Idea ends 1 per cent down despite hiking tariff rates
  • Paytm rebounds 10 per cent on low-level buying
  • Metal stocks follow the global trend, spike up to 7 per cent
  • India VIX, a barometer of volatility and fear, up 3 per cent
  • Vedanta rallies 6 per cent on promoter share buyback plans

Among the bluechip names, Power Grid was the top gainer for another day, rising 4.02 per cent. JSW Steel, Coal India, NTPC, Adani Ports, Britannia Industries and Divi’s Labs were other gainers.

Asian Paints was the top loser in the Nifty pack, falling 2.60 per cent. IndusInd Bank, Infosys, Axis Bank, Titan Company, Maruti Suzuki, M&M, Wipro and Grasim Industries were others that ended in the red.

“Participants shouldn’t read much into this rebound and wait for further clarity. We recommend continuing with a cautious stance and maintaining a hedged approach.”

— Ajit Mishra, Religare Broking

Broader market indices ended higher, outperforming their headline peers. Nifty Smallcap advanced 1.91 per cent and Nifty Midcap rose 1.76 per cent. Nifty 500, the broadest index on NSE, ended up 0.88 per cent.

Birlasoft, KPIT Tech, CESC, Navin Fluorine, Union Bank of India and Sona Comstar were top gainers from mid and smallcap indices, climbing in the range of 6-10 per cent.

Syngene International, Dr Lalpathlabs, Emami, Vakrangee, Quess Corps and Thyrocare Technology were major losers from broader market space, falling in the range of 1-4 per cent.

All sectoral indices ended the day in the green. Nifty Metal was the top gainer, rising 3.30 per cent. Nifty Media, Nifty PSU Bank and Nifty Realty were among those that rose over 2 per cent each.

Market breadth was in favour of gainers as 2,428 stocks ended in the green, while 825 names settled with cuts. As many as 162 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 58 names hit 52-week lows, mostly from the microcap space. About 445 stocks hit upper circuit limits and 155 lower circuit limits.

European markets were trading lower. London-based FTSE was up 0.21 per cent while Paris and Frankfurt declined 0.54 per cent and 0.91 per cent, respectively. In Asia, China and Japan closed in the green, while the rest ended in the red.