Market declines due to foreign investor selling, weak quarter earnings
At the close, the Sensex fell by 1.2 per cent or 942 points to 78782.24, while the Nifty dropped 1.27 per cent or 309 points to 23995.35.
After achieving day’s high of 39,226.82 levels, the S&P Sensex ended early 273 points down on Tuesday, led by gains in Bharti Airtel, HUL and Reliance Industries amid a positive trend in global markets.
Traders believed that a sharp appreciation in the rupee against the US dollar added to the momentum.
After a highly volatile session, the BSE Sensex settled 272.51 points or 0.71 per cent higher at 38,900.80. Similarly, the NSE Nifty advanced 82.75 points or 0.73 per cent to settle at 11,470.25. It touched a high of 11,553.55 and a low of 11,366.90 during the day.
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Among the gainers on the BSE chart, Bharti Airtel shined by rallying over 6 per cent after Supreme Court’s verdict on staggering payment of adjusted gross revenue (AGR)-related dues.
Other than Airtel, top gainers included Bajaj Finance, Asian Paints, Tata Steel, NTPC and SBI.
On the other hand, ONGC, Axis Bank, Tech Mahindra, Infosys and ICICI Bank were among the laggards.
On the broader market front, the MidCap and SmallCap ended with gains at 1 per cent and 0.54 per cent respectively.
Markets ended on a positive note after an extremely volatile session on the back of the Supreme Court judgement on the telecom AGR dues, new margin norms and the reaction to the Q1 GDP numbers, said S Ranganathan, Head of Research at LKP Securities.
Telecom and metal stock led the rally on the indices with support of select financials. Bargain hunting was witnessed in several mid-cap names as stock prices became attractive post the fall on Monday, he added.
Bourses in Shanghai, Hong Kong and Seoul ended with significant gains, while Tokyo was in the red.
Stock exchanges in Europe were largely positive in early deals.
Global oil benchmark Brent crude was trading 1.13 per cent higher at USD 45.79 per barrel.
In the forex market, the rupee settled at 72.87 against the US dollar, registering a surge of 73 paise over its previous close.
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