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Unfazed by weak global cues, mkts bounce back

Recession woes following Fed Chair’s testimony failed to discourage Indian bourses; Sensex, Nifty rebound 1% on gains in auto, IT, banking stocks

Investors in wait n watch mode ahead of US Fed meet

Unfazed by weak global cues, mkts bounce back

Sustaining Momentum

- BSE Sensex rose by 443.19 pts to 52,265.72

- 27 of Sensex-30 scrips in green

- NSE Nifty advanced 143.35 pts to 15,556.65

- 45 of Nifty-50 constituents ended with gains

- Global mkts turn weaker

- 2,096 stocks advanced, 1,208 declined and 130 remain unchanged

Mumbai: Benchmark equity indices Sensex and Nifty on rebounded on Thursday to close higher by nearly one per cent on gains in auto, IT and banking shares, shrugging off US recession woes and mixed global trends.

The 30-share BSE Sensex rose by 443.19 points or 0.86 per cent to settle at 52,265.72 with 27 of its scrips ending in green. During the day, it rallied 694.26 points or 1.33 per cent to 52,516.79. The NSE Nifty advanced 143.35 points or 0.93 per cent to 15,556.65 points as 45 of its constituents ended with gains.

"Weak global markets and recession woes following Fed Chair's testimony failed to discourage Indian bourses. The domestic market is showcasing potency to sustain the momentum in the short to medium-term. However, FIIs are continuing their selling, limiting the trend," said Vinod Nair, head (research) at Geojit Financial Services.

"During the afternoon session, markets trimmed some of their gains as European markets struggled to shrug-off recession fears, but local stock indices managed to end in the green," said Narendra Solanki, head (equity research-fundamental), Anand Rathi Shares & Stock Brokers.

"Advancement of the southwest monsoon beyond the Eastern parts of the country coupled with a cool off in Oil buoyed Auto stocks today as they led the charge on the Benchmark Indices with good support from the IT stocks," said S Ranganathan, head (research) at LKP securities.

Ajit Mishra, V-P (research), Religare Broking Ltd, said: "The trend across global markets was mixed after the Fed chairman suggested an increase in interest rates in the coming time to fight inflation. The US Federal Reserve chairman Jerome Powell said a recession is possible as the US central bank raises interest rates to cool surging inflation. Investors are fearing that US and European rate hikes may derail global growth."

Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs2,920.61 crore on Wednesday, as per exchange data. The 30-share BSE Sensex tanked 709.54 points or 1.35 per cent to settle at 51,822.53 on Wednesday. The NSE Nifty fell 225.50 points or 1.44 per cent to end at 15,413.30.

Maruti was the biggest gainer among Sensex stocks, spurting by 6.33 per cent. M&M jumped 4.41 per cent, Asian Paints by 3.39 per cent, Bharti Airtel by 2.96 per cent and HUL by 1.94 per cent. Among IT stocks, TCS rose by 2.7 per cent, Wipro by 1.97 per cent, Tech Mahindra by 1.11 per cent anf Infosys by 1.1 per cent. ICICI Bank gained 1.86 oer cent, IndusInd Bank by 1.2 per cent, and Kotak Bank by 0.95 per cent. On the other hand, Reliance fell the most by 1.62 per cent among Sensex shares. NTPC dropped 0.94 per cent and Power Grid by 0.9 per cent.

In the broader domestic market, the BSE midcap gauge jumped 1.40 per cent and smallcap index went up by 1.18 per cent. Among the BSE sectoral indices, auto jumped the most by 4.42 per cent, followed by consumer discretionary goods & services (2.40 per cent), Information Technology (1.87 per cent), teck (1.85 per cent) and telecom (1.81 per cent). Energy and oil & gas indices ended lower.

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