Stock Market Rebounds After Three-Day Losing Streak; Sensex, Nifty End Slightly Higher
Indian stock market rebounds after three days of losses as Sensex and Nifty post slight gains. IT stocks, bargain buying support recovery despite rupee weakness and global pressure.
Sensex and Nifty edge higher after three straight sessions of losses, supported by IT stocks and bargain buying.
India's benchmark indices made a slight recovery on Thursday after three sessions in a row in which they registered losses. Even though the rupee was weak and global uncertainties continued to affect investors, the market got a boost from IT stocks and bargain purchases at lower prices.
The rupee depreciated to a new low of ₹90.43/$ raising fresh worries among traders. The session was marked by continuous selling from foreign investors, the RBI's potential decision to keep rates unchanged, climbing oil prices, and adverse global signals that all combined to increase the pressure on the market.
Nevertheless, the Sensex and Nifty indices were able to close with small gains.
The Sensex, which commenced its journey almost unchanged at 85,106, received a sharp boost in the morning and reached an intraday high of 85,487, turning 380 points up. However, the rally lost its steam later. The index thus ended at 85,265, up by 158 points.
The Nifty 50 too mirrored the trend closely and finished the session at 26,033, higher by 47 points.
Notable gainers included Petronet LNG, Coforge, CAMS, HFCL, and Exide Industries. On the other hand, stocks such as Hitachi Energy, Kanes Technology, Biocon, Amber Enterprises, and Suzlon Energy managed to recover a part of their earlier losses.
The Nifty Midcap index went down by 15 points, the Bank Nifty index was down by 59 points at the closing.
Rupee by the end of the trading session was slightly stronger at ₹89.97/$ compared to its closing price earlier in the day.
