MUMBAI: The stock market bounced back on Thursday, supported by strong domestic buying initially and because of short covering during the closing trades.
The sensex, after opening deep in the red following a 1,610-point slide from Wednesday’s high, recovered more than 1,000 points to an intraday high of 70,959 points and closed slightly off that level, at 70,865 points – up 359 points.On the NSE, Nifty, too, took a similar trajectory during the day’s session and closed 105 points higher at 21,255 points.
According to Vinod Nair of Geojit Financial Services, “After a negative start, the leading indices reversed from the day’s low amid buy-on-dips strategy. “However, the overall trend is subdued. FIIs stayed muted ahead of the festive break and global markets traded on a negative note ahead of the announcement of the US GDP data (late on Thursday). Some consolidation is warranted in the near term due to peak valuation.”
The day’s up move in the sensex came on the back of strong buying mainly in HDFC Bank and Reliance Industries. These two stocks together contributed nearly the entire gain of the sensex, BSE data showed. On the other hand, selling in stocks like Axis Bank, Bajaj Finance and HCL Tech limited the total gain in the sensex.
In Thursday’s market, foreign funds remained net sellers like on Wednesday, with a net outflow worth Rs 1,636 crore. On the other hand, domestic funds were net buyers at Rs 1,464 crore, BSE data showed.
The day’s gains added about Rs 3.6 lakh crore to investor wealth, with BSE’s market capitalisation now at Rs 360.4 lakh crore, official data showed.
The sensex, after opening deep in the red following a 1,610-point slide from Wednesday’s high, recovered more than 1,000 points to an intraday high of 70,959 points and closed slightly off that level, at 70,865 points – up 359 points.On the NSE, Nifty, too, took a similar trajectory during the day’s session and closed 105 points higher at 21,255 points.
According to Vinod Nair of Geojit Financial Services, “After a negative start, the leading indices reversed from the day’s low amid buy-on-dips strategy. “However, the overall trend is subdued. FIIs stayed muted ahead of the festive break and global markets traded on a negative note ahead of the announcement of the US GDP data (late on Thursday). Some consolidation is warranted in the near term due to peak valuation.”
The day’s up move in the sensex came on the back of strong buying mainly in HDFC Bank and Reliance Industries. These two stocks together contributed nearly the entire gain of the sensex, BSE data showed. On the other hand, selling in stocks like Axis Bank, Bajaj Finance and HCL Tech limited the total gain in the sensex.
In Thursday’s market, foreign funds remained net sellers like on Wednesday, with a net outflow worth Rs 1,636 crore. On the other hand, domestic funds were net buyers at Rs 1,464 crore, BSE data showed.
The day’s gains added about Rs 3.6 lakh crore to investor wealth, with BSE’s market capitalisation now at Rs 360.4 lakh crore, official data showed.
