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Fin, auto stocks drive rebound on bourses

Sensex, Nifty recover 1% on positive global trends as rate-sensitive stocks in focus; Dovish remarks from Fed aided the rebound

Fin, auto stocks drive rebound on bourses

Sensex Regains 66k Level

BSE Sensex spurted by 566.97 pts or 0.87% to 66,079.36

♦ 26 of Sensex constituents ended in the green

♦ Sensex opened sharply higher by 400 pts and gained further to day’s high of 66,180.17

♦ Nifty jumped 177.50 pts or 0.91% to 19,689.85

♦ Moderation in US bond yields

♦ Hopes on stable interest rates revived demand for rate-sensitive shares

♦ FIIs offloaded equities worth Rs997.76 cr

♦ Airtel, Coal India, Adani, Kotak Bank, Tata Motors and JSW Steel, ICICI Bank, Axis Bank, Infosys, M&M, Tech M, Tata Steel, SBI and Maruti were gainers

♦ IndusInd, TCS, Titan and Asian Paints declined

Mumbai: Benchmark indices Sensex and Nifty rallied nearly one per cent on Tuesday following gains in financials, auto and IT shares after recent sharp losses and positive global trends. The 30-share Sensex spurted by 566.97 points or 0.87 per cent to close at 66,079.36 as 26 of its constituents ended in the green and four declined. The index opened sharply higher by 400 points and surged further to touch the day’s high of 66,180.17. The broader Nifty of the National Stock Exchange jumped 177.50 points or 0.91 per cent to settle at 19,689.85, driven by gains in Coal India, Adani Ports and Bharti Airtel.

“The Indian market completely recovered Monday’s losses, which were mainly due to the Hamas-Israel conflict. Moderation in crude prices and positive global cues on account of dovish remarks from Fed officials, which restrained US bond yields, aided the rebound. The domestic market’s primary focus is currently on the approaching result season, with optimistic expectations on earnings,” said Vinod Nair, head (research) at Geojit Financial Services.

Ajit Mishra, SV-P (technical research), Religare Broking Ltd, stated that “the majority of sectors participated in the move wherein realty, metal and financials were among the top gainers. Rebound in the broader indices further added to the positivity.” On Tuesday, Foreign Institutional Investors (FIIs) were net sellers, offloading equities worth Rs 1,005.49 crore, according to data available with the BSE.

Beating the benchmark index, BSE Midcap jumped 1.4 per cent while BSE SmallCap rose by 1.14 per cent. All the sectoral indices closed in the green. BSE Realty jumped 4.08 per cent, BSE Metal by 2.59 per cent, BSE Telecom by 2.24 per cent, BSE Services by 1.96 per cent, BSE Commodities by 1.52 per cent, Bankex and Financial Services by 1.24 per cent each, and Energy by 1.29

per cent. According to analysts, moderation in US bond yields on expectations that interest rates are likely to remain stable in the short term revived demand for rate-sensitive shares even as the Israel-Hamas conflict escalated. Stock markets had dropped sharply on Monday with benchmark indices tanking up to 1 per cent as the attack by Hamas on Israel raised fears of a broader conflict.

Among Sensex gainers, Bharti Airtel rose the most by 2.9 per cent. Kotak Bank jumped 2.15 per cent, Tata Motors by 2.14 per cent and JSW Steel by 2.09 per cent. ICICI Bank, Axis Bank, Infosys, M&M, Tech Mahindra, Tata Steel, SBI and Maruti were also among the gainers. On the other hand, IndusInd Bank, TCS, Titan and Asian Paints declined.

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