BSE index recovered 313.14 points, NSE Nifty gained 99.80 points

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BSE index recovered 313.14 points, NSE Nifty gained 99.80 points

Following gains in index heavyweights HDFC twins, Infosys, and ICICI Bank, the equity benchmark Sensex rebounded over 300 points in early trade. The 30-share BSE index recovered 313.14 points, or 0.64 percent, to 49,472.46, while the broader NSE Nifty gained 99.80 points, or 0.68 percent, to 14,737.60.

M&M, NTPC, IndusInd Bank, Bajaj Finance, Sun Pharma, Dr. Reddy’s, ICICI Bank, HDFC pair, and Infosys were the top gainers in the Sensex pack, rising over 2%. Titan, on the other hand, was the lone laggard.

The previous session ended with the Sensex at 49,159.32, down 870.51 points or 1.74 percent, and the Nifty at 14,637.80, down 229.55 points or 1.54 percent. According to exchange numbers, foreign institutional investors were net sellers in the stock market on Monday, offloading shares worth Rs 931.66 crore.

A significant fundamental factor from a market perspective, according to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, is that the US and China are leading the global economic recovery. This is likely to result in increased earnings, especially in emerging markets such as India. “A significant market trend in India is small-mid cap indices outperforming large-cap indices. Although the Nifty is up 4.7 percent year to date, the small and midcap indexes are up 14% and 15%, respectively. Since there is more value in this market, this outperformance is likely to continue,” he said.

Furthermore, he said that while the increase in COVID-19 cases is concerning, it is unlikely to have a significant economic effect. In mid-session deals elsewhere in Asia, bourses in Shanghai, Seoul, and Tokyo were trading on a negative note.

According to Binod Modi, Head – Strategy at Reliance Securities, “US equities experienced a sharp turnaround, with the Dow and S&P 500 scaling new highs as investors continued to get comfort from a steady improvement in key economic results.” Meanwhile, Brent crude, the global oil standard, was trading 0.85% higher at USD 62.68 per barrel.

 


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