Sensex surges 690 points to reclaim 71k level

The BSE logo at the Asia’s oldest bourse in Mumbai. File
| Photo Credit: PTI

Equity benchmark indices Sensex and Nifty rebounded sharply by 1% on Wednesday after sliding for the past two sessions, propelled by bargain hunting in metal, commodity and telecom stocks.

Trading through a patchy track in the opening session, the 30-share BSE Sensex gradually gained ground and jumped 689.76 points, or 0.98%, to settle at 71,060.31. The benchmark moved between an intra-day high of 71,149.61 and a low of 70,001.60.

The broader NSE Nifty also closed 215.15 points or 1.01% higher at 21,453.95.

Among the Sensex firms, major winners included Tata Steel, rising 3.77%, followed by HCL Tech, which gained 3.62%.

IndusInd Bank and PowerGrid closed with a gain of 3.60 and 3.34%, respectively. Other gainers were Tech Mahindra, Hindustan Unilever, Bajaj Finserve and Bharti Airtel, among others.

On the other hand, ICICI Bank, Axis Bank, Asian Paints, Bajaj Finance and TCS were the only laggards, sliding up to 2.94%.

A total of 25 stocks of the 30-share benchmark settled in green, while 43 constituents of the NSE Nifty witnessed gains.

Elsewhere in Asia, Japan’s Nikkei 225 lost 0.80%, and Hong Kong’s Hang Seng gained sharply by 3.56%. China’s Shanghai Composite also ended 1.80% higher.

European markets were higher on Wednesday, with Germany’s DAX and CAC 40 of France gaining 1.00% and 0.58%. London’s FTSE 100 rose 0.29%.

In the U.S. markets, the Dow closed 0.25% lower on Tuesday, while the S&P 500 settled 0.29% higher and tech-heavy Nasdaq closed the session 0.43% higher.

Meanwhile, Brent crude futures, the global oil benchmark, were trading higher by 0.58% to $80.01 per barrel on Wednesday.

On Tuesday, Sensex fell 1,053.10 points or 1.47% to settle at 70,370.55. Nifty also declined 330.15 points or 1.53% to close at 21,241.65.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, as they offloaded shares worth ₹3,115.39 crore, according to exchange data.

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