Markets Rebound After 2-Day Slump; Sensex Jumps 491 Points | Markets News

1
38


New Delhi: Equity benchmark indices Sensex and Nifty rebounded nearly 1 percent on Thursday after sliding for the past two sessions, propped up by bargain hunting in realty, power, and financial stocks. The 30-share BSE Sensex jumped 490.97 points or 0.69 percent to settle at 71,847.57 points.

During the day, it rallied 598.19 points or 0.83 percent to 71,954.79 points. The Nifty climbed 141.25 points or 0.66 percent to 21,658.60 points. (Also Read: Vivo Launches X100, X100 Pro In India: Check Price, Specifications, And More)

“Market bounced back after the last two negative trading days led by strong monthly business updates of leading banks, emphasising robust credit growth. The Realty sector was the highest gainer in anticipation of robust demand in the residential category, which was supported by healthy housing loan disbursement data announced by banks,” said Vinod Nair, Head of Research, Geojit Financial Services.

Bajaj Finance was the biggest gainer on the Sensex chart, rising 4.44 percent, followed by NTPC, IndusInd Bank, Axis Bank, Tata Motors, Nestle, Power Grid, Infosys, Bajaj Finserv and HDFC Bank. HCL Tech, Mahindra & Mahindra, Maruti, and Hindustan Unilever were among the losers.

In the broader market, the BSE midcap gauge jumped 1.49 percent, and smallcap index climbed 1.04 percent.

“The Nifty realty index has outperformed the broader market in 2023, marking a strong turn since the RBI paused on rate hikes in March 2023. A potential rate cut in 2024, as global rates likely head down, will be positive for the sector. However, the strong rally in realty stocks so far has priced in some of these gains.

“It is important to note that property sales have favoured premium & luxury housing in this upturn so far. A potential rate cut could help the affordable housing segment more. With talks of the government reviving its interest subvention scheme for affordable housing, there seems to be some more steam to the rally,” Naveen KR, smallcase manager and Senior Director – Windmill Capital, said.

Among the indices, realty zoomed 6.61 percent, utilities jumped 2.55 percent, telecommunication (2.09 percent), services (1.68 percent), financial services (1.30 percent), banking (0.93 percent) and consumer discretionary (0.82 percent).

Auto and metal were the laggards.

“Asian shares were mixed on Thursday as traders dialled back bets of steep and early rate cuts this year, with the minutes of the Federal Reserve’s last meeting providing few clues on when US cuts might start.

“European stock markets rose Thursday, rebounding after recent losses as investors digested regional inflation data and the outlook for central bank rate cuts,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong settled in the negative territory.

European markets were trading in the green. The US markets ended lower on Wednesday. Global oil benchmark Brent crude climbed 0.92 percent to USD 78.97 a barrel.

On the domestic macroeconomic front, India’s manufacturing sector growth fell to an 18-month low in December amid a softer increase in factory orders and output despite minimal inflation.

The HSBC India Manufacturing PMI survey, conducted by S&P Global, showed that there was a softer, albeit sharp, increase in factory orders and output, while business confidence towards the year-ahead outlook strengthened.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 666.34 crore on Wednesday, according to exchange data.

On Wednesday, the BSE benchmark fell 535.88 points or 0.75 percent to settle at 71,356.60 points, while the Nifty slipped 148.45 points or 0.69 percent to 21,517.35 points.

What are the characteristics and temperament of large Japanese dog breeds?

1 COMMENT

  1. I liked it as much as you did. Even though the picture and writing are good, you’re looking forward to what comes next. If you defend this walk, it will be pretty much the same every time.

LEAVE A REPLY

Please enter your comment!
Please enter your name here