Markets rebound after 8 days of decline, Sensex rises 449 points

Stock market benchmarks ended nearly 1 per cent higher on Wednesday, halting their eight days of decline, amid gains in Asian and European equity exchanges.

The BSE Sensex advanced 448.96 points or 0.76 per cent to settle at 59,411.08 after a positive beginning. During the day, it jumped 513.33 points or 0.87 per cent to 59,475.45.

The NSE Nifty climbed 146.95 points or 0.85 per cent to end at 17,450.90.

In the past eight days, the BSE benchmark had tumbled 2,357.39 points or 3.84 per cent, and the Nifty declined 731.9 points or 4.22 per cent.

Investors’ wealth climbed Rs 3.20 lakh crore as markets staged a smart comeback on Wednesday after falling in the last eight trading

sessions.

The bounce back in the equity market added Rs 3,20,574.19 crore taking the market capitalisation of BSE-listed firms to Rs 260 lakh crore (Rs 2,60,93,075.59 crore) at the end of trade.

From the Sensex pack, State Bank of India, Axis Bank, IndusInd Bank, Tech Mahindra, HCL Technologies, Tata Consultancy Services, Maruti Suzuki, Tata Steel and Tata Motors were the major

gainers.

Power Grid and HDFC Bank were the laggards from the pack.

In the broader equity market, the BSE smallcap gauge climbed 1.38 per cent and midcap index advanced 1.35 per cent.

All the sectoral indices ended higher, with metal rallying 2.61 per cent, commodities jumping 2.30 per cent, IT (1.36 per cent), teck (1.28 per cent), industrials (1.25 per cent), bankex (1.15 per cent) and capital goods (1.11 per cent).

The rupee appreciated by 8 paise to close at 82.50 against the US dollar on Wednesday, as a positive trend in domestic equities and easing crude oil prices supported investor sentiments.

International oil benchmark Brent crude dipped 0.18 per cent to $83.30 per barrel.

Foreign Portfolio Investors (FPIs) offloaded shares worth Rs 4,559.21 crore on Tuesday, according to exchange data.