Published On: Wed, Oct 12th, 2022

Sensex rebound nearly 1% snapping 3-day losses

Mumbai: Benchmark BSE Sensex rebounded nearly 1 per cent while Nifty reclaimed the 17,100 level on Wednesday as value buying in energy, banking, IT and FMCG shares helped the indices cut short a three-day losing run.

Among Sensex shares, Power Grid rose the most by 3.5 per cent

Positive trends in European markets and US stock index futures ahead of the release of Fed meeting minutes and inflation data also boosted investor sentiment.

The 30-share BSE Sensex climbed 478.59 points or 0.84 per cent to settle at 57,625.91. During the day, it jumped 540.32 points or 0.94 per cent to 57,687.64.

The broader NSE Nifty reclaimed the 17,100 level by jumping 140.05 points or 0.82 per cent to close at 17,123.60.

”Bears took a breather today as markets witnessed a relief rally after getting hammered in the past few sessions. However, the recovery doesn’t seem to be sustainable as multiple negative factors are at play,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.

Among Sensex shares, Power Grid rose the most by 3.5 per cent. Axis Bank rose by 2.89 per cent, NTPC by 2.42 per cent, IndusInd Bank 1.97 per cent, L&T by 1.7 per cent, and UltraTech Cement by 1.65 per cent.

Gains in Reliance Industries, HDFC, HDFC Bank, Kotak Bank, HUL, and ITC helped indices bounce back.

Among IT shares, TCS gained over 1 per cent, Wipro advanced 0.85 per cent while Infosys also closed higher.

On the other hand, Asian Paints, Dr Reddy’s, Bharti Airtel, Titan and ICICI Bank ended lower.

In the broader market, the BSE midcap gauge jumped 0.66 per cent and smallcap index climbed 0.22 per cent.

All BSE sectoral indices ended in the green, with realty climbing 1.69 per cent, FMCG (1.38 per cent), power (1.13 per cent), bankex (1.11 per cent), auto (1 per cent) and financial services (0.92 per cent).

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