Sensex, Nifty rebound over 2.5%: Top reason behind today’s surge – Times of India
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NEW DELHI: Equity indices rebounded over 2.5% on Tuesday logging their best single-day gain in more than three months.
The 30-share BSE sensex surged 1,564 points or 2.7% to close at 59,537. While, the broader NSE Nifty jumped 446.40 points or 2.58% higher at 17,759.30.
Strong buying was witnessed in financial, banking and auto stocks .
All the 30-sensex components ended in green, with Bajaj Finserv rallying 5.47%, followed by Bajaj Finance which jumped 4.86%. IndusInd Bank, Tech Mahindra, ICICI Bank, Kotak Mahindra Bank, Tata Steel and HDFC were also among the other major winners.
“Today’s rebound indicates the domestic economy’s resilience in comparison to its global peers. Although the markets are currently at premium valuations, continued support from foreign investors aided domestic stocks to inch higher,” Vinod Nair, head of research at Geojit Financial Services toldd PTI.
Investor sentiments were further boosted from dollar not moving above the 20-year high against major peers, and oil prices coming off highs.
“Globally, all countries are facing the churn and India seems to be the best placed jurisdiction in terms of growth and inflation outlook in FY23,” Soumya Kanti Ghosh, group chief economic adviser, State Bank of India said in a report.
“We believe the China story may now be facing clear headwinds and India is likely to benefit from such stark realities over the longer term,” he added.
Shipping Corp of India rose 5% after a report said Indian government will likely fast-track disinvestment.
Markets will be closed on Wednesday on account of Ganesh Chaturthi.
(With inputs from agencies)
The 30-share BSE sensex surged 1,564 points or 2.7% to close at 59,537. While, the broader NSE Nifty jumped 446.40 points or 2.58% higher at 17,759.30.
Strong buying was witnessed in financial, banking and auto stocks .
All the 30-sensex components ended in green, with Bajaj Finserv rallying 5.47%, followed by Bajaj Finance which jumped 4.86%. IndusInd Bank, Tech Mahindra, ICICI Bank, Kotak Mahindra Bank, Tata Steel and HDFC were also among the other major winners.
“Today’s rebound indicates the domestic economy’s resilience in comparison to its global peers. Although the markets are currently at premium valuations, continued support from foreign investors aided domestic stocks to inch higher,” Vinod Nair, head of research at Geojit Financial Services toldd PTI.
Investor sentiments were further boosted from dollar not moving above the 20-year high against major peers, and oil prices coming off highs.
“Globally, all countries are facing the churn and India seems to be the best placed jurisdiction in terms of growth and inflation outlook in FY23,” Soumya Kanti Ghosh, group chief economic adviser, State Bank of India said in a report.
“We believe the China story may now be facing clear headwinds and India is likely to benefit from such stark realities over the longer term,” he added.
Shipping Corp of India rose 5% after a report said Indian government will likely fast-track disinvestment.
Markets will be closed on Wednesday on account of Ganesh Chaturthi.
(With inputs from agencies)
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