Market posted strong gains, most of Adani Group stocks recover
At close, the Sensex was up 1,961.32 points or 2.54% at 79,117.11, and the Nifty was up 557.35 points or 2.39% at 23,907.25.
The Indian stock market staged a full recovery from the day’s lows on Monday, closing in the green after both fell nearly one percent during morning trade.
Nifty 50 opened 27 points lower at 22,027.95 compared to its previous close of 22,055.20 and extended losses to as much as 234 points, or over 1%, reaching the intraday low of 21,821.05.
Sensex concluded at 72,776 points, up 0.15%, recovering from an intraday drop of nearly 700 points.
Advertisement
Shares of Cipla, Asian Paints, and HDFC Life emerged as the top gainers while on the flip side were the shares of Tata Motors, BPCL, and Shriram Finance.
Nifty Midcap 100 index rose 0.41% but the Nifty Smallcap 100 index suffered a loss of 0.43%. Nifty Bank rose 0.70%, driven by gains in the private bank stocks while the Nifty Private Bank index clocked a gain of 0.86%.
Among the sectors on the losing side were Nifty Auto (1.7%) and Nifty PSU Bank (1.2%).
Nifty Pharma (1.77%), Healthcare (1.58%), Metal (1.31%), and Realty (1.23%) clocked gains of over a per cent each.
The broader market was mixed with BSE Midcap rising 0.3% and BSE Smallcap down 0.2%.
Food delivery firm, Zomato, has allotted employee stock option plans (ESOP) worth 18.26 crore shares to its employees of the company and its subsidiaries. Zomato share price closed 3.82% down, at Rs 193.70 apiece on BSE.
The market remained volatile in the recent past largely due to significant foreign capital outflow. In May, the NSDL said the foreign portfolio investors (FPIs) had sold Indian equities worth Rs 18,375 crore as of May 10.
The absence of major positive triggers and the flight of FIIs from the domestic market will keep the short-term trend weak.
However, experts are expecting the market to remain volatile in the near future. Some of them say there could be a knee-jerk reaction in the market if the election outcome comes on unexpected lines.
For this week, investors await US inflation data and numerous Federal Reserve speeches. Further, the one-year inflation expectations, PPI data, and CPI will be critical tests for the recent bond rally.
Advertisement
