Wednesday, November 6, 2024
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End to the three-day losing streak; Sensex, nifty rebound

Heavy buying in banking stocks and favorable global market cues drive markets up

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MUMBAI: Benchmark indices Sensex and Nifty rebounded on Friday, breaking a three-day losing streak, driven by heavy buying in banking stocks and favorable global market cues. The BSE Sensex recovered from early losses, climbing 218.14 points or 0.27 per cent to close at 81,224.75. During the day, it rose as much as 384.54 points or 0.47 per cent to reach 81,391.15.

Similarly, the NSE Nifty advanced 104.20 points or 0.42 per cent to settle at 24,854.05. The recovery was further bolstered by strong buying from domestic institutional investors (DIIs).

Gaiuers

Axis Bank led the gains among Sensex constituents, surging nearly 6 per cent after posting a 19.29 per cent rise in consolidated net profit for the September quarter, reaching Rs7,401.26 crore. Other major gainers included ICICI Bank, Tata Motors, Tata Steel, NTPC, JSW Steel, State Bank of India, and Adani Ports.

Conversely, Infosys plunged over 4 per cent as its Q2 earnings failed to impress investors, despite a near 5 per cent increase in net profit and raised revenue guidance. Other notable laggards included Asian Paints, Nestle, Tech Mahindra, HCL Technologies, Hindustan Unilever, and ITC.

Foreign Institutional Investors (FIIs) sold equities worth Rs7,421.40 crore on Thursday, while DIIs purchased stocks worth Rs4,979.83 crore, aiding the market’s rebound.

Other Asian markets

In Asia, markets in Tokyo, Shanghai, and Hong Kong ended significantly higher, while Seoul posted a slight decline. European markets traded in positive territory, and U.S. markets closed mostly higher on Thursday. Global oil benchmark Brent crude edged down 0.07 per cent to USD 74.40 per barrel.

On Thursday, the BSE Sensex had fallen by 494.75 points or 0.61 per cent to close at 81,006.61, while the NSE Nifty had slumped 221.45 points or 0.89 per cent to 24,749.85.

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