Equity benchmark indices reversed early losses on Wednesday and surged upwards, led by banking and financial stocks ahead of the Q2 corporate earning results.
At the closing bell, the BSE S&P Sensex was up by 646 points or 1.72% at 38,178. The Nifty 50 wound up 187 points higher at 11,313. At the National Stock Exchange, all sectoral indices were in the positive zone except for IT.
The Sensex on Friday lost over 433 points, after the Reserve Bank of India (RBI) sharply lowered GDP growth estimates for the current fiscal to 6.1% from 6.9%. The market believes the latest round of rate cuts may not be enough to revive demand. Investor wealth of Rs 1.42 lakh crore was wiped out on Friday, taking the five-day erosion to Rs 5.3 lakh crore.
The Sensex continued its losing streak on Thursday. The benchmark has given up over 800 points in the last four sessions as the Dow lost 800 points over two days over investors remaining worried over slowing growth globally. India markets, too, remained weak for both domestic and global concerns. While the Sensex gave up 198.54 points, or 0.52%, to end the session at 38,106.87 points, the broader Nifty50 settled at 11,314 points, down 45.90 points.
Shares of rate sensitive sectors like banking, real estate and automobile companies came under heavy selling pressure on Tuesday, falling by up to 30 per cent on the National Stock Exchange (NSE).
The Nifty PSU Bank index tumbled 8 per cent in intra-day deals to 2,118, its lowest level since May 2016. Nifty Realty, too, slipped 6 per cent to 241, while Nifty Private Bank and Nifty Auto indexes down 3 per cent and 2 per cent, respectively. In comparison, the benchmark Nifty 50 index down 1.75 per cent at 11,273 points.
Mumbai: Benchmark equity indices fell another 300 points on Monday, led by a fall in shares of private banks and steel companies. Investors exercised caution ahead of the release of the government’s borrowing plan for the second half of the fiscal year and fiscal deficit data, due later in the day.
Mumbai: Equity benchmark BSE Sensex rallied over 400 points in early session on Thursday, led by gains in banking stocks, tracking positive cues from global markets.
After hitting a high of 39,008.83, the 30-share index was trading 384.54 points, or 1 per cent, higher at 38,978.06 at 0945 hours, while the broader Nifty rose 120.75 points, or 1.06 per cent, to 11,560.95.
Mumbai: Indian stock markets may be tepid on Wednesday as global peers are weak. Asian stocks fell on Wednesday after US lawmakers called for an impeachment inquiry of President Donald Trump, increasing the prospects of prolonged political uncertainty in the world's largest economy.
A rally in market heavyweight Reliance Industries or RIL helped support Indian stock markets today. The Sensex had rallied nearly 3,000 points in the previous two sessions on optimism that the corporate tax cuts will lift corporate profitability, private capex and ultimately the broader economy. Many brokerages have upgraded their earnings estimates of India Inc and Sensex targets.
The National Stock Exchange (NSE) system faced trading outage, with investors unable to place orders in the last 15 minutes of the trade on Monday. The move hit several brokers and traders who had active positions in the market.
Sources said the exchange is looking to ascertain the reason for the glitch. Some officials said the problem occurred due to a connectivity issue with one of the internet services providers, Sify.
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