Mumbai: After falling sharply in yesterday’s session, the Sensex and Nifty recovered today as investors bought value stocks.
Following yesterday’s steep decline, Bank Nifty led this recovery, and Indian stocks posted a steady rebound, driven by trading in banking shares and a few selected key stocks.
In today’s trading, the Sensex rose 502.04 points to 74,505.86. At the close of trading, the Sensex was up 332.63 points at 74,336.45, while the 50-stock Nifty gained 99 points to settle at 23,217.60.
Stocks including ITC, State Bank of India, Axis Bank, Trent, Mahindra & Mahindra, and Bharat Electronics rose in the Sensex. On the other hand, shares of Tata Consultancy Services, Infosys, Tech Mahindra, and Bajaj Finserv declined.
The Nifty Midcap 100 index ended unchanged, while the Nifty Smallcap 100 index closed with a slight decline.
In terms of sectors, IT stocks fell by 1.5 percent and the pharmaceutical sector traded lower, while all other indices ended with gains. Among them, the FMCG and public sector banking sectors each rose by more than 1%.
In the Asian market, South Korea’s Kospi, Japan’s Nikkei 225, Shanghai’s SSE Composite Index, and Hong Kong’s Hang Seng Index all ended higher.
While European markets were trading higher, the US markets ended lower yesterday (Tuesday).
Based on the data, foreign institutional investors sold shares worth Rs. 2,977.86 crore yesterday.
In today’s foreign exchange trading, the Indian rupee’s value against the dollar remained steady at Rs. 95.95.
Global Brent crude oil fell 0.83 percent to $107.8 per barrel.
New stock listings
Kanohar Electricals, which debuted on the Nifty at Rs. 685.50 with a premium of more than 8 percent over the issue price of Rs. 632 per share, rose 19.3% to close at Rs. 754.
Class Wall Systems shares closed 18.7% higher at Rs. 216 after listing at Rs. 194, about a 7% premium on the Nifty, compared with the IPO price of Rs. 182 per share.
