The markets on Wednesday broke from the falling streak that lasted for six consecutive days and resulted in loss of almost Rs 5 lakh crore investor wealth.
In opening trade, the benchmark Sensex was trading 238.41 points up at 34,434.35. Broader Nifty too was in the green at the open. Nifty surged 89.50 points to trade at 10,587.75.
According to PTI, The benchmark Sensex rose by over 470 points in opening trade, breaking its six-session long losing streak on value-buying in select blue-chips by domestic investors triggered by a recovery in global markets.
In early morning, PTI reported that both Sensex and Nifty recovered up to 0.94 percent at the open on value buying in frontline stocks led by banking, auto and metal.
All sectoral indices, including realty, metal, consumer durables and banking advanced up to 2.56 percent. The gauge had lost 2,087.31 points in the previous six sessions following a global rout in equities inflicted by inflation worries and imposition of a 10 percent long-term capital gains tax on equities.
Wednesday’s market recovery may give a sigh of relief to investors as the markets saw Sensex falling 1,250 points thus eating out a huge investor money.
Global turmoil in markets triggered by the sell-offs in large numbers mostly due to the fears that central banks across the world adopt a more hawkish stance in their respective monetary policy reviews.
The Reserve Bank of India is holding its two days monetary policy committee meet on 6 and 7 February to take a call on the repo rate which is at 6 perecent presently.
On Tuesday, Sensex fell more than 1,200 points thus sending the investors in tizzy and making most of them worry about today's market turns.
Later, in the day the RBI will reveal outcome of sixth bimonthly policy (2017-18) review meeting which is expected to keep the repo rate unchanged.
(With inputs from PTI)
Updated Date: Feb 07, 2018 10:12 AM