Stock markets bounce back after falling in early deals
Sensex and Nifty opened lower but rebounded into positive territory after four days of losses, supported by value buying. Market sentiment remains cautious amid FII outflows, a weakening rupee, and upcoming RBI and Fed decisions, while key Asian markets traded mixed
Mumbai: Equity benchmark indices Sensex and Nifty slipped in early trade on Thursday, but later bounced back to trade in positive territory, amid value buying at lower levels.
The 30-share BSE Sensex declined 156.83 points to 84,949.98 in early trade. The 50-share NSE Nifty skidded 47 points to 25,938.95.
However, later both the benchmark indices recovered their early lost ground and traded higher. The BSE benchmark quoted 146.52 points higher at 85,244.78, while the Nifty traded 36.70 points up at 26,024.80.
Both the benchmark indices were on a downtrend for the past four days.
From the Sensex firms, Hindustan Unilever, Eternal, Titan, Power Grid, UltraTech Cement and State Bank of India were among the laggards.
However, Tata Consultancy Services, HCL Tech, Bharat Electronics, Asian Paints and Tata Motors Passenger Vehicles were among the gainers.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,206.92 crore on Wednesday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 4,730.41 crore, according to exchange data.
“Nifty slipped below the 26,000 mark yesterday, extending its losing streak to a fourth straight session with market breadth firmly favouring the bears. A sliding rupee, and persistent FII outflows continue to weigh on sentiment, while upcoming RBI and Fed policy decisions and geopolitical developments could add fresh volatility,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
In Asian markets, South Korea’s Kospi traded lower while Japan’s Nikkei 225 index Hong Kong’s Hang Seng index quoted in positive territory.
US markets ended higher on Wednesday.
Brent crude, the global oil benchmark, climbed 0.35 per cent to US$ 62.89 per barrel. On Wednesday, the Sensex dipped 31.46 points or 0.04 per cent to settle at 85,106.81. The Nifty skidded 46.20 points or 0.18 per cent to 25,986.
