Market erases early losses, Nifty ends below 25,000 level
At close, the Sensex was down 511.38 points or 0.62% at 81,896.79, and the Nifty was down 140.50 points or 0.56% at 24,971.90.
Domestic equities staged a strong comeback today with the BSE Sensex rebounding by nearly 400 points and the Nifty reclaiming the 10,250-mark on receding fears of a US-China trade war.
Investors were also awaiting RBI’s monetary policy outcome, scheduled later in the day.
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The 30-share Sensex spurted by 393.60 points, or 1.19 per cent, to 33,412.67 in opening trade. The gauge had lost 351.56 points in the previous session.
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All the sectoral indices, led by metal, realty and auto stocks, were trading in the green with gains of up to 2.26 per cent.
The broad-based NSE Nifty went up by 129.05 points, or 1.27 per cent, to 10,257.45.
Major gainers that supported the recovery were Tata Motors, Tata Steel, M&M, Adani Ports, Yes Bank, Hero MotoCorp, IndusInd Bank, Axis Bank, SBI, Coal India, L&T, Dr Reddy’s, Infosys and Sun Pharma, rising up to 2.68 per cent.
A firm trend in other Asian markets and overnight gains on Wall street buoyed the trading sentiments here.
Brokers said buying by retail investors and fresh foreign fund inflows amid a firm trend in global markets led the markets higher.
Elsewhere in Asia, Japan’s Nikkei was up 1.63 per cent, while Hong Kong and Shanghai markets were shut today for a public holiday today.
The US Dow Jones Industrial Average ended 0.96 per cent higher in yesterday’s trade.
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