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.
Domestic equity benchmarks witnessed a bloodbath on Thursday as Sensex and Nifty crashed nearly 3 per cent amid a heavy global selloff. This was the sixth consecutive session of loss for the indices.
After opening in a weak note, the S&P BSE Sensex tumbled 1,114.82 points or 2.96 per cent to settle at 36,553.60 with IndusInd Bank being the top loser as it plunged over 7 per cent.
The NSE Nifty crashed 326.30 points or 2.93 per cent to close at 10,805.55.
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Barring Hindustan Unilever, all 30 constituents on Sensex ended in the negative territory. Other top laggards included Bajaj Finance, M&M, Tech Mahindra, TCS and Tata Steel.
In the broader market, the MidCap and SmallCap ended with losses at 2.14 per cent and 2.28 per cent respectively.
The recent bear run has been due to resurgence in coronavirus cases across the world, largely in Europe and anticipation of fresh lockdown restrictions across several countries in the continent including the UK and France.
Traders said growing concerns over economic recovery and lack of fresh stimulus by central banks led to the global market selloff. Fears of a second wave of COVID-19 cases in many economies also weighed on sentiment, they added.
Manish Hathiramani, technical analyst, Deen Dayal Investments, said, “The support level of 10,900-10,950 has been disrespected during today’s trading session. We have also pierced 10,882 which was made on August 3, 2020. This opens a new target of 10750. Any bounce can be utilised to short the Nifty for this target.”
In the forex market, the rupee depreciated 32 paise to finish at 73.89 against the US dollar.
Meanwhile, global oil benchmark Brent crude was trading 0.22 per cent lower at USD 41.68 per barrel.
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