Sensex Gains 1200 Points From Day's Low
Markets today vanquished the sustained selling pressure and volatility as they closed higher on the last trading day of the week. However, the markets slipped red in the afternoon session but managed to mark incremental gains as the session progressed, backed by FMCG and Metal stocks.
BSE closed the day’s trading at 49,858.24, up 1.30 per cent or 641.72 points mainly led by Reliance and HUL and 25 out of 30 stocks ended with gains in the pack. The blue chip Nify-50 closed above 186 points at 14,744.
Shares of Reliance jumped major three per cent in the intraday session after some correction previously. Despite dips in the company’s stock, leading brokerage houses still bet a higher target price for the stock, considering faster than expected growth in its retail business and stake sale in Oil-to-Chemical business.
On the other hand, metal stocks also saw some buying today after consecutive dips in the space. However, the participants might have used the dips in the sector to take fresh positions today which led the shares to add gains. JSW Steel and Tata Steel advanced over three per cent and JSW Steel marked its fresh record high at RS 446.30.
Advances in almost all sectors led the markets to snap its five-day losing streak on Friday with the energy index gaining over three per cent. In the market breadth, around 1461 shares witnessed healthy buying and pushed the benchmarks higher.
Analysts commenting on the volatility said, the volatility has calmed today as the equities staged a strong comeback and the INDIAVIX also fell 1.17 per cent to 19.84. Further, the indices are likely to see a modestly positive start on Monday as the benchmarks ended today’s session at their high point.
In the global markets, the SGX Nifty of Singapore also climbed sharply by over one per cent in-line with the Indian equity market.
Weekly, the BSE Sensex corrected 1.84 per cent or nearly 1000 points, while the Nifty-50 corrected 1.91 per cent. Among the sectors, Banking was the top loser as it slipped more than three per cent in the entire week.
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