Tuesday, October 19, 2021
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Bluechips, global cues lift Indian markets from three-week lows

Market-UpIndian markets on Thursday rebounded from three-week lows with the Sensex jumping 365.89 points to 27,274.71 and Nifty climbing 132.50 points to 8,234.60 on heavy buying in bluechips amid strong global cues.

Encouraging US data, hopes of fresh Eurozone stimulus after inflation turned negative and slight recovery in crude oil prices boosted global sentiments, traders said.

In sync with local equities, the Indian rupee today strengthened to 62.6 levels against US dollar.

In domestic markets, shares of realty, banking, FMCG, Power, Auto, Metal, Healthcare and Capital goods sectors rose. Small-cap and mid-cap shares also gained on demand from retail investors with indices shooting up about 1.8 per cent each.

The BSE Sensex resumed higher at 27,178.77 and rose further to a high of 27,316.41 on strong buying. It pared some gains to fall to 27,101.94, before finishing at 27,274.71 — a net gain of 365.89 points or 1.36 per cent.

The index had dropped by 979.08 points, or 3.51 percent, in the previous three days and slumped to three-week lows.

Barring RIL, 29 Sensex constituents in the 30-share index ended in the green with gains led by Tata Motors, ITC, ICICI Bank, Hindalco and GAIL. Infosys gained ahead of earnings and Coal India rose after a workers’ strike was called off midway.

The 50-share NSE Nifty rose by 132.50 points, or 1.64 per cent, to close at 8,234.60. As many as 48 constituents of the Nifty ended in the green, indicating the extent of all-round buying in today’s session.

“Indian stocks rose on strong gains in European markets. Investor sentiment was also boosted by the accelerated gains in US private sector employment data for December,” said Religare Securities, President-retail distribution, Jayant Manglik.

Veracity Broking Services, Head of Research, Jignesh Chaudhary said: “Positive sentiments boosted the global equities after upbeat US employment data and slide in oil prices took a breather. These eased investor concerns about the global economy.”

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