Stock Market Today: Nifty Rebounds After Worst Selloff In Ten Months As HDFC Bank, RIL, NTPC Gain
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KEY HIGHLIGHTS
FPIs Stay Net Sellers For The Fourth Day
Overseas investors remained net sellers of Indian equities for the fourth consecutive session on Thursday.
Foreign portfolio investors offloaded stocks worth Rs 1,636.19 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors remained net buyers and mopped up stocks worth Rs 1,464.70 crore, the NSE data showed.
Yield On The 10-Year Bond Ends higher
The yield on the 10-year bond closed 2 bps higher at 7.19% on Thursday.
Nifty Rebounds After Worst Sell Off In Ten Months As HDFC Bank, RIL, Power Grid Gain: Market Wrap
India's benchmark indices recovered from the worst sell-off, and ended higher on Thursday as HDFC Bank Ltd., Reliance Industries Ltd., Kotak Bank Ltd., and State Bank of India gained.
The NSE Nifty 50 settled 0.50% or 104.90 points higher at 21, 255.05, while the BSE Sensex ended 0.51% or 358.79 points higher at 70,865.10.
The benchmark indices also posted worst opening in two-months today.
The Nifty 50 fell the most in 10 months and gave up all recent gains on Wednesday as investors booked profits on Wednesday. The Sensex also declined the most since Oct 26.
"We are of the view that, as long as the market is trading above 21180/70600 the pullback formation is likely to continue. Above which, the market could rally till 21350-21400/71200-71350. On the flip side, below 21180/70600 the selling pressure is likely to accelerate. Below the same, the market could retest the level of 21000/70000. The current market texture is volatile hence level based trading would be the ideal strategy for the day traders," said Shrikant Chouhan, head, equity research, Kotak Securities.
“Markets witnessed a roller coaster ride, as key indices plunged in early trades only to recoup their lost ground and end sharply higher. Earlier, weak European and Asian indices weighed on sentiment but India’s strong growth story prospects gives investors the comfort to place long term bullish bets,” said Prashanth Tapse, senior vice president, research, Mehta Equities Ltd.
HDFC Bank Ltd, Reliance Industries Ltd, Kotak Mahindra Bank Ltd, State Bank of India, and Power Grid Corporation Ltd added positively to the indices.
Axis Bank Ltd, Bajaj Finance Ltd, HCL Technologies Ltd, ICICI Bank Ltd, and Bajaj Auto Ltd weighed on the indices.
All Sectors out of 14 advanced on the NSE. Nifty Media gained 2.49% and was the top gainer among sectoral indices.
The broader markets outperformed the benchmark indices with S&P BSE MidCap Index gaining 1.61%, whereas S&P BSE SmallCap Index was 1.69% higher. Around 19 out of 20 sectors compiled by BSE advanced, while only BSE Auto declined. S&P BSE Utilities and Power rose the most.
The market breadth was skewed in favour of the buyers. Around 2,659 stocks rose, 1114 declined, and 123 stocks remained unchanged.
Ami Organics Signs MoU With Electrolytes Manufacturer
Ami Organics signed MoU with electrolytes manufacturer for making battery cells & allied materials in Gujarat
The company will also sign MoU with Gujarat govt for investing up to Rs 300 crore for setting up electrolyte manufacturing plant
Source: Exchange filing
Network18 Has 15.1 Lakh Shares Change Hands In Large Trade
Network18 Media & Investments had 15.1 lakh shares changed hands in a large trade
Network18 Media & Investments' 0.1% equity changed hands at Rs 85.80 apiece
Buyers and sellers not known immediately
Source: Bloomberg
