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Market halts 9-day losing run; financial, energy stocks lead recovery

Press Trust of India  |  Mumbai 

Indian bounced back after nine sessions of losses on Tuesday, with participants showing keen interest in financial and stocks after benign data kindled rate cut hopes in the RBI's June policy meet.

Reclaiming some lost ground, the BSE Sensex rose about 228 points and the NSE Nifty closed nearly 74 points higher.

Index heavyweights Reliance Industries, ITC and were mainly responsible for the recovery on bourses.

In percentage terms, however, topped the chart with 5.87 per cent rise. Other major gainers include Bharti Airtel, Vedanta, Indusind Bank, and -- rising as much as 5.40 per cent.

On the flip side, TCS, HCL Tech, Bjaja Finance, and were among the top losers on the Sensex.

Sectorally, telecom, and capital goods were the top three performers -- rising up to 2.81 per cent.

The BSE Sensex started off the session on a positive note at 37,146.58 against the previous close of 37,090.82. Intra-day, the index touched a high of 37,572.70 and a low of 36,956.10. It finally settled the day at 37,318.53, gaining 227.71 points or 0.61 per cent.

Similarly, the NSE gauge Nifty opened higher at 11,151.65 and touched a high of 11,294.75 and low of 11,108.30 during the session. It finally closed at 11,222.05, 73.85 points or 0.66 per cent higher.

India's retail in April was 2.92 per cent and it remained below the central bank's target for the ninth month, raising hopes of a RBI rate cut and helping investor sentiment to revive.

Wholesale too eased to 3.07 per cent in April on cheaper fuel and manufactured items.

Deputy Secretary General said, "Both WPI and remain benign, well below the 4 per cent target of the RBI, making out a strong case for a rate reduction by the central next month".

said, "European equities and futures in the US rebounded while most Asian equities continued to drag as investors try to gauge trade war developments. Indian markets saw a sharp reversal... Election result uncertainty remains and earnings growth has decelerated and clarity on market direction and strategy is only likely to come forward post election results."

On Monday, Indian bourses had registered losses for the ninth consecutive session.

In the last nine sessions, the Sensex had lost 1,940.73 points and the Nifty has given away nearly 600 points.

The Tuesday's trade, mainly the first half of the session, was marked by intense volatility as investors appeared cautious weighing a host of headwinds like concerns on macro-economic front, US-trade war tensions and uncertainty over election outcome.

Meanwhile, the Indian rupee staged a mild recovery, gaining 7 paise to close at 70.44 against the US dollar on Tuesday.

In Asia, all leading bourses witnessed mild to heavy sell-offs on Tuesday after US-trade war further intensified.

In a retaliatory move, on Monday said it would raise tariffs on US goods worth nearly USD 60 billion.

Brent Futures, global crude oil benchmark, traded higher at USD 70.89 per barrel, up 0.94 per cent, on concerns about supply disruptions in view of geo-political tensions in the producing region of the

The escalating trade war between the US and China is causing more market volatility around the world.

Foreign institutional investors (FIIs) net sold equities worth Rs 2,011.85 crore on Tuesday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 2,242.91 crore, as per provisional data.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 14 2019. 17:56 IST
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