Sensex & Nifty bounce back today after yesterday’s sell-off
Sensex and Nifty gained today after sharp sell-off
Indian stock markets opened a gap-up on Tuesday while tracking positive cues from Asian markets. Sensex today opened at 56320.02 levels, up by 498.01 points while Nifty made an optimistic start after yesterday’s free fall. Nifty opened at 16773.15 levels, up by 158.95 points on Tuesday. In the end, markets trimmed their intraday gains and closed in the positive territory.
Stock Market News Today
The market sentiments remained positive as a Commerce Ministry official said Indian exports showed a turnaround after December last year and are still going strong. Some support also came into the market as Prime Minister Narendra Modi assured Indian Inc that the government would focus on reducing the compliance burden while exhorting the top companies to make full use of the production-linked (PLI) scheme.
Further, additional optimism came with a report that the Asian Development Bank (ADB) will provide $350 million loans to improve access to urban services in India by accelerating policy actions and reforms to enhance service delivery and promote performance-based central fiscal transfers to urban local bodies (ULBs)
Global markets were supportive today. Asian markets closed on a positive note on Tuesday despite negative cues from Wall Street overnight. Chinese markets cheered Beijing’s move to help troubled property firms. The upside remained capped as the Omicron virus remain a worry for investors.
Sensex and Nifty at the Close
At the close, Nifty gained by 156.65 points or 0.94 percent and closed at 16770.85 levels while Sensex was up by 497 points or 0.89 percent and finished at 56319.01 levels. The Bank Nifty index also jumped today, it was up by168 points or 0.49 percent on spot levels and ended at 34607.85 levels.
The broader markets also closed higher today, following their larger peers. The Nifty midcap index was up by 369.55 points or 1.28 percent and closed at 29207.75 levels. The Nifty smallcap index gained by 130.30 points or 1.25 percent and finished at 10542 levels.
Nifty Top Gainers and Losers
The top gainers in the Nifty 50 index were HCL Tech, Wipro, UPL, Tata Steel, and Adani Ports. Whereas the top losers were Power Grid, Axis Bank, Bajaj Finance, Tata Consumer, and Cipla
The top gainers in the Nifty midcap index were Oil India, Dixon Technology, and Zee Entertainment and the losers were Adani Total Gas, Shriram Transport, and Endurance Technology.
The top gainers in the Nifty smallcap index were Amber Enterprise, Century Plyboard, Alok Industries, and the losers were Future Retail, Aegis Logistics, and Blue Star.
The most active stocks in the Nifty index in terms of value were Reliance, ICICI Bank, and INFY. The most active stocks in terms of volume were ITC, Tata Motors, and SBI
On a sectoral front, all sectors were closed in the green today. The sectors that led the rally were Metal, Media, IT, Consumer Durables, and Realty.
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Happy Investing!!
Editorial desk
