Share Market Update: Sensex Rebounds Over 200 Pts, Nifty Above 10,900; Bank Stocks In Green
BSE Sensex rebounded over 200 points and the NSE Nifty reclaimed the 10,900 level in early trade on Tuesday led by gains in banking and auto stocks.
In the previous session on Monday, both benchmark indices saw an intense volatility throughout the session due to multiple headwinds like escalation in US-China trade war, weak corporate earnings, rupee downfall and political tensions in Jammu and Kashmir. The 30-share index had ended 418.38 points, or 1.13 per cent, and the Nifty plunged by 134.75 points or 1.23 per cent to close at 10,862.60 points.
In early trade on Tuesday, top gainers in the Sensex pack included IndusInd Bank, Hero MotoCorp, Tata Motors, Yes Bank, L&T, Bajaj Finance, Maruti, ICICI Bank, SBI and Axis Bank, rising up to 2 per cent. On the other hand, TCS, HUL, Kotak Bank, Infosys, Bharti Airtel, HDFC Bank and RIL fell up to 1.07 per cent.
According to traders, despite weak domestic and global cues, value-buying in banking and auto stocks, lifted key indices here. All sectoral indices of Nifty bank except two were trading in the green. Nifty PSU Bank rose the highest 1.1 per cent while Nifty IT index was down 0.07 per cent.
Elsewhere in Asian, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading significantly lower in their respective early sessions. Bourses on Wall Street too ended in the red on Monday.
Meanwhile, on a net basis, foreign institutional investors sold equities worth Rs 2,016.73 crore, while domestic institutional investors bought shares to the tune of Rs 1,871.27 crore, provisional data available with stock exchanges showed on Monday. On the currency front, the Indian rupee appreciated 22 paise to 70.50 against the US dollar. The global oil benchmark Brent crude futures rose 0.99 per cent to 60.40 per barrel.
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