Markets rebound after 4 days of slump; Sensex rallies 599 pts

Mumbai, April 19

Stock markets rebounded from early lows to close higher on Friday, snapping the four-day losing streak on heavy value buying in banking and auto shares.

The 30-share BSE Sensex climbed 599.34 points or 0.83 per cent to settle at 73,088.33. The index opened lower and tanked further 672.53 points or 0.92 per cent to hit a low of 71,816.46 in early trade. However, the index rebounded in the second half on value-buying in banking shares.

Worst week for indices since march 15

• The benchmark indices posted their worst weekly fall in over a month as the West Asia conflict weighed on investor sentiment
• Nifty and Sensex declined 1.65% and 1.56%, respectively, in the week ended April 19, its worst decline since March 15

The NSE Nifty jumped 151.15 points or 0.69 per cent to close at 22,147. The broader index dropped to a low of 21,777.65 in early trade before paring its losses to end in the green. From the Sensex basket, Bajaj Finance, Mahindra & Mahindra, HDFC Bank, JSW Steel, Maruti, Wipro, Bharti Airtel, Bajaj Finserv, ICICI Bank and ITC were the major gainers.

Nestle India, HCL Technologies, Larsen & Toubro, Tata Consultancy Services, Tata Motors and Infosys were among the laggards. Infosys declined nearly 1 per cent after the company’s revenue growth guidance for FY25 failed to meet market expectations.

“Nifty Bank index fell sharply in the opening session on Friday, but it made a smart recovery to close the day higher note at 47,574. Technically, trend line support for Banknifty is placed near 46,600. If the index holds the support of 46,600 levels, then

a pullback rally towards 48,000 can’t be ruled out,” said

Neeraj Sharma, AVP Technical and Derivatives Research, Asit C Mehta Investment Interrmediates Ltd. — Agencies

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