Sensex, Nifty Rebound After Worst Day In Over 7 Months Led By IT Stocks

December 22, 2020 0 By boss


Adani Ports was top Nifty gainer, the stock rose 5.55 per cent to close at Rs 469

The S&P BSE Sensex and NSE Nifty 50 indexes rebounded strongly after witnessing a worst single-day selloff in the previous session led by gains in information technology heavyweights like Infosys, Tata Consultancy Services, HCL Technologies and Tech Mahindra. For most part of the day, benchmarks traded with a negative bias however, late buying across sectors helped Sensex recover 968 points from day’s lowest level and Nifty reclaimed its important psychological level of 13,450.

The Sensex ended 453 points or 1 per cent higher at 46,006.69 and Nifty 50 index climbed 138 points or 1 per cent to settle at 13,466.

Value buying at lower levels after sharp profit-booking by foreign institutional investors in the previous session led to recovery in the markets, analysts said. Foreign institutional investors turned net sellers on Monday they sold shares worth Rs 323 crore in Indian markets.

Buying was visible across sectors as all the 11 sectors gauges compiled by the National Stock Exchange ended higher led by the Nifty IT index’s over 3 per cent gain. Nifty Pharma, Metal, PSU Banking and Auto indexes also rose between 1-2 per cent.

Mid- and small-cap shares also witnessed buying interest as Nifty Midcap 100 index rose 0.85 per cent and Nifty Smallcap 100 index advanced 0.77 per cent.

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Adani Ports was top Nifty gainer, the stock rose 5.55 per cent to close at Rs 469. HCL Technologies, Tech Mahindra, Infosys, GAIL India, Wipro, Power Grid, Sun Pharma, Larsen & Toubro and Nestle India also rose between 2-5 per cent.

On the flipside, Kotak Mahindra Bank, HDFC, Bajaj Finance, UltraTech Cement, IndusInd Bank, Reliance Industries and Hindalco were among the notable losers.

The overall market breadth was positive as 1,569 shares ended higher while 1,352 closed lower on the BSE.



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