Stocks end 5-day slide on value-buying; Sensex rebounds 347 points, Nifty regains 11,000 level
Sensex had lost 1,785.62 points in the previous five sessions.
Mumbai: Market benchmark Sensex Tuesday rebounded 347 points to end its five-day losing streak helped by value buying in banking and FMCG stocks after recent heavy losses.
The 30-share index closed at 36,652.06, up by 347.04 points or 0.96 percent in a volatile trade. It touched a high of 36,705.79 and a low of 36,064.10 in day trade.
The gauge had lost 1,785.62 points in the previous five sessions.
The 50-share NSE Nifty ended sharply higher by 100.05 points, or 0.91 percent, at 11,067.45 points. Intra-day, it shuttled between 11,080.60 and 10,882.85.
Benchmarks halted their five-session rout today as participants returned to buying mode, accumulating recently-hammered pharma, banking and FMCG stocks.
Moreover, mixed Asian cues and a firming trend in European markets largely on the back of strong earnings accelerated buying activity towards the fag-end.
The session was marked by volatility and stock-specific action, even as the overall sentiment remains weak as a fresh round of US-China tariffs and a surge in oil prices to near four-year highs added to worries about risks to global growth, brokers said.
The rupee also pared initial losses to trade 5 paise higher at 72.58 against the dollar (intra-day).
Covering-up of short positions by speculators ahead of September month expiry in the derivatives segment on Thursday also helped the market stage a smart rally.
Meanwhile, domestic institutional investors (DIIs) made purchases worth Rs 1,527.67 crore while foreign portfolio investors (FPIs) sold shares worth a net Rs 523.94 crore Monday, as per provisional data.
Sensex increased by 568.90 points to end at 61,305.95 while Nifty ended at 18,337.90 after gaining 176.15 points.
Piramal Enterprises board approves demerger of pharma business, simplification of corporate structure
The pharmaceuticals business will get vertically demerged from Piramal Enterprises and consolidated under Piramal Pharma, the company said in a regulatory filing.
BSE smallcap and midcap indices went down by 0.5-1.2 percent. On the other hand, India VIX increased by 5.67 percent and ended at 17.33 levels.