Thursday, July 29, 2021
HomeBusinessSensex recovers from 2- month lows, jumps 150 points on value-buying

Sensex recovers from 2- month lows, jumps 150 points on value-buying

The benchmark BSE Sensex bounced back from two-month lows after opening on a negative note today and ended higher by 149.57 points at 25,760.10 as participants shrugged off subdued global cues to build up positions in recently beaten-down blue-chips.

Besides, the broad-based Nifty reclaimed the 7,800-mark.

Shares of banking, capital goods, FMCG, healthcare and oil&gas firmed on good buying enquiries, while IT and Tech stocks crumbled under selling pressure.

Domestic shares had opened on a weaker note, tracking selling in other Asian markets, which remained subdued in their early trade in the wake of last week’s deadly attacks in Paris and downbeat data from Japan.

Anand James, Co Head Technical Research Desk, Geojit BNP Paribas said, “a firm rupee and recent announcements on the FDI front… Gave launchpad for recovery in Indian markets.”

Still, the market mood remained jittery despite the rebound, equity brokers said.

The 30-share Sensex after falling to 25,451.42 points, a two-month low, staged a strong comeback towards the middle of session to scale day’s high of 25,866.42. It finally settled at 25,760.02, a gain of 149.57 or 0.58 per cent — its second gain in the past eight sessions.

The index had shed 256 points or 0.99 per cent on Friday.

The 50-share NSE Nifty rose by 44.35 points or 0.57 per cent to 7,806.60.

Meanwhile, fragrance maker S H Kelkar and Co made a remarkable debut at the bourses today, ending with over 15 per cent gains over the issue price of Rs. 180 per share.

Buying activity by retail investors helped the small-cap and mid-cap indexes gain up to 0.50 per cent.

However, Asian markets ended lower after terror attacks in Paris unnerved investors and data showed Japan entered into a recession for the second time in two years.

Key indices in Hong Kong, Japan, Singapore, South Korea and Taiwan moved down by 0.34 per cent to 1.72 per cent, while Shanghai Composite moved up by 0.73 per cent.

European markets showed a mixed trend as key indices in France and Germany moved down by 0.02 to 0.07 pct while the UK FTSE was trading 0.35 per cent higher.

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