Stocks stage relief rally on value-buying; RIL leads recovery
Mumbai: Markets staged a strong comeback Thursday after six straight sessions of losses as investors accumulated recently hammered healthcare, energy and power stocks towards the fag-end even as the rupee breached the 72-level for the first time.
The BSE Sensex rebounded 224.50 points to end at 38,242.81, while the broader Nifty gained 59.95 points to 11,536.90.
Benchmarks largely benefited from value buying in beaten-down stocks lead by RIL and Sun Pharma, tracking a rebound in European shares in late-morning trade, traders said.
The session was marked by high volatility and stock-specific action.
The 30-share Sensex stayed choppy on alternate bouts of buying and selling and shuttled between 38,320.96 and 37,912.50.
It finally ended 224.50 points or 0.59 per cent higher at 38,242.81.
The index had lost 878.32 points in the previous six sessions as the rupee plunged to a record low amid a general flight of capital from emerging market assets.
The broader NSE Nifty too reclaimed the key 11,500-mark. It touched a high of 11,562.25, before finally settling at 11,536.90, showing a gain of 59.95 points, or 0.52 per cent. Intra-day, it touched a low of 11,436.05.
Meanwhile, domestic institutional investors (DIIs) made purchases worth a net of Rs 176.95 crore, while foreign portfolio investors (FPIs) net sold shares worth Rs 383.67 crore Wednesday, as per provisional data.
In global markets, Asian shares fell for the sixth straight session as oil prices skidded and gold gained, with investor confidence shaken by the turmoil in emerging markets and jitters over the US-China trade war.