Mumbai, Oct 26: Snapping the four-day losing streak, benchmark stock index Sensex jumped 483 points and Nifty closed above 22,750 on Monday on value buying and a rally in metal, telecommunication and healthcare shares.
Recovering from early losses, the 30-share BSE Sensex ended 482.92 points, or 0.66 per cent, higher at 73,606.75. During the day, it hit a high of 73,606.75 and a low of 72,514.57, a range of 1,092.18 points.
The 50-share NSE Nifty rallied 153.20 points, or 0.68 per cent, to settle at 22,753.20, ending its four-day slide.
Sensex tanked 1,605 points, or 2.16 per cent, while Nifty fell 546 points, or 2.38 per cent, in four straight sessions through Friday.
Of the 30 Sensex firms, Adani Ports jumped the most, gaining 2.72 per cent. Eternal jumped 2.56 per cent, Kotak Mahindra Bank by 2.53 per cent, Trent 1.73 per cent, Tata Steel 1.52 per cent, Bharti Airtel 1.43 per cent, InterGlobe Aviation 1.39 per cent and ITC by 1.24 per cent.
Bajaj Finance, HDFC Bank, Maruti, HCL Tech and Power Grid were the laggards.
“Indian equities recovered from early losses, supported by value buying and strength in metal, power and healthcare. However, elevated crude prices, geopolitical uncertainty and caution ahead of the Fed, ECB (European Central Bank) and BoJ (Bank of Japan) policy decisions kept sentiment measured.
“Mid and smallcaps also witnessed some recovery after last week’s sharp correction, although investors remained selective, favouring earnings visibility and valuation comfort,” Vinod Nair, Head of Research, Geojit Investments Limited, said.
Brent crude, the global oil benchmark, declined 1.60 per cent to USD 114.8 per barrel.
The BSE MidCap Select index jumped 1.48 per cent and SmallCap Select index was up 1.45 per cent.
Among BSE sectoral indices, Metal jumped 2.55 per cent, Telecommunication 2.07 per cent, Healthcare 1.85 per cent, Services 1.79 per cent, Energy 1.49 per cent, Commodities 1.43 per cent and Capital Goods 1.35 per cent.
MidSmall Private Banks, Insurance, Private Banks index and Housing Finance were the laggards.
“Indian equities recovered from a weak opening and snapped a four-session losing streak, with the Nifty closing at 22,753.20. The rebound was triggered by buying near the recent support zone, a pullback in crude from last week’s high and strength in healthcare and select heavyweight stocks,” Hariselvan Radhakrishnan, Founder & CEO of HST Wealth, a Research Analyst firm, said.
The recovery, however, remains tentative, with elevated crude oil prices, geopolitical uncertainty and concerns over the global interest-rate outlook continuing to weigh on sentiment, Ajit Mishra, SVP – Research, Religare Broking, said.
In Asian markets, South Korea’s Kospi and Japan’s 225 index ended lower, while Shanghai’s SSE Composite index and Hang Seng index settled in positive territory.
Markets in Europe were trading higher. The US markets ended lower on Friday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 887.65 crore on Friday, according to exchange data.
The Sensex settled at 73,123.83 on Friday, down 125.56 points, or 0.17 per cent. The Nifty dropped 87.65 points, or 0.39 per cent, to close at 22,600. (PTI)
