D-St magic: Sensex rebounds over 940 points from day’s low

Mumbai, December 21

Benchmark equity indices Sensex and Nifty recovered by more than half per cent on Thursday following buying in index majors HDFC Bank and Reliance Industries.

The Sensex jumped 358.79 points to settle at 70,865.10 with 21 of its stocks ending in the green and nine in the red.

The barometer opened lower and fell further by 585.92 points to a low of 69,920.39. But, markets found the winning momentum in the afternoon session and climbed 452.4 points to 70,958.71.

Buying in HDFC Bank, RIL led to recovery

• The BSE barometer opened lower and fell further by 585.92 points to a low of 69,920.39. But, markets found the winning momentum in the afternoon session and climbed 452.4 points to 70,958.71
• The Nifty rallied 104.90 points to 21,255.05 as 38 of its constituents advanced and 12 declined. During the day, it hit a high of 21,288.35 and a low of 20,976.80
• Buying in HDFC Bank and Reliance Industries helped indices to recover from day’s lows. Both stocks contributed more than 300 points to Sensex gains

The broader Nifty rallied 104.90 points to 21,255.05 as 38 of its constituents advanced and 12 declined. During the day, it hit a high of 21,288.35 and a low of 20,976.80.

Both key indices had hit record high levels in intra-day trade on Wednesday before closing sharply down by over 1%. Sensex tanked 930 points while Nifty lost around 303 points.

Most sectors participated in the rebound on Thursday with energy, metal and banking sectors emerging as top performers, analysts said.

Buying in HDFC Bank and Reliance Industries helped indices to recover from day’s lows, they said. RIL and HDFC contributed more than 300 points to Sensex gains.

Among the Sensex firms, Power Grid rose the most by 2.27%, HDFC Bank by 1.82%, Kotak Bank by 1.66%, and Reliance Industries by 1.38%. NTPC, State Bank of India, Tata Steel and Bharti Airtel were also among the gainers.

Bajaj Finance, Axis Bank, HCL Tech and Mahindra & Mahindra were among the major laggards.

“After a subdued start, the market reversed from the day’s low amid buy-on-dips strategy. However, the overall trend is subdued, FIIs stayed muted ahead of festive break and global market traded on a negative note ahead of announcement of the US GDP data today,” said Vinod Nair, Head of Research at Geojit Financial Services.