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Sensex and Nifty rebound in late trading, close with gains

The Sensex and Nifty rebounded dramatically on Monday, spurred by buying in HDFC Bank, ICICI Bank, and Tata Consultancy Services. The BSE Sensex closed higher by 111.66 points, or 0.15%, at 72,776.13 after hitting a low of 71,866.01 during the day.

Edited By: Nitin Kumar @Niitz1 New Delhi Published on: May 13, 2024 16:50 IST
BSE
Image Source : FILE Business stock exchange building.

In a dramatic turn of events, the benchmark equity indices, Sensex and Nifty, surged on Monday, driven by late buying in HDFC Bank, ICICI Bank, and Tata Consultancy Services. After a tumultuous start, the 30-share BSE Sensex recovered from early losses to close higher by 111.66 points, or 0.15%, at 72,776.13. Initially, the index opened lower and nosedived by 798.46 points or 1.09% to touch a low of 71,866.01 during the trading session.

The NSE Nifty also witnessed a similar rebound, rising by 48.85 points, or 0.22%, to 22,104.05, bouncing back from a low of 21,821.05.

Among the major gainers in the Sensex basket were Asian Paints, Sun Pharma, HDFC Bank, Tata Consultancy Services, Axis Bank, Tata Steel, JSW Steel, Larsen & Toubro, ICICI Bank, and Power Grid.

However, Tata Motors recorded a significant decline of over 8% despite reporting a threefold increase in consolidated net profit, totaling Rs 17,528.59 crore for the fourth quarter ended March 31, 2024.

On the other hand, NTPC, Bharti Airtel, Titan, the State Bank of India, and Nestle emerged as the major laggards.

In the Asian markets, Seoul, Tokyo, and Shanghai closed lower, while Hong Kong ended the day in positive territory. European markets traded mostly lower, contrasting with Wall Street's mostly higher close on Friday.

According to exchange data, foreign institutional investors (FIIs) sold equities worth Rs 2,117.50 crore on Friday.

Meanwhile, the global oil benchmark Brent crude rose by 0.28% to USD 83.02 a barrel.

In the previous trading session, the BSE benchmark climbed 260.30 points, or 0.36%, to settle at 72,664.47, while the NSE Nifty gained 97.70 points, or 0.44%, to reach 22,055.20.

Also read | India all set to overtake Japan as fourth largest economy by 2025, predicts Amitabh Kant

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