Sensex recovers 1K pts from day's low. One big reason behind market rebound!
Indian stock market staged a sharp recovery on Wednesday afternoon after recording a significant crash earlier during the day, as media reports on the government planning to reduce taxes and remove caps on the ownership of some bonds boosted investor sentiment.
Earlier during the day, Sensex had crashed 1,157 points to fall to 73,493, while Nifty 50 tumbled over 332 points to fall near 23,151. However, the benchmark indices recovered most of the losses by the afternoon, with Sensex and Nifty rising over 1,000 points and 300 points, respectively, to stand at 74,494 and 23,450, as seen at 2.56 pm.
The benchmark indices are still around 0.3% down in the red, although the losses have sharply contracted after crashing more than 1% in the morning. This comes even as India VIX, which measures volatility in markets, jumped 8% to 16.59.
ICICI Bank shares jumped 2% to lead gains on the Sensex, while Zudio-parent Trent, Power Grid, State Bank of India (SBI) and Maruti Suzuki shares followed, rising around 1% each. On the other hand, IT stocks, including TCS, Tech Mahindra, HCL Technologies and Infosys, continued to lead losses, crashing up to 8%.
Nifty Smallcap 100 index sharply recovered all losses to move into the green, while the Nifty Midcap 100 index was trading with only marginal losses. Sectorally, the Nifty PSU Bank index surged 1.6%, while the Nifty IT crashed around 6%. Around 1,431 stocks advanced on the NSE, while 1,788 declined and 119 remained unchanged.
MORE TO COME...........
Earlier during the day, Sensex had crashed 1,157 points to fall to 73,493, while Nifty 50 tumbled over 332 points to fall near 23,151. However, the benchmark indices recovered most of the losses by the afternoon, with Sensex and Nifty rising over 1,000 points and 300 points, respectively, to stand at 74,494 and 23,450, as seen at 2.56 pm.
The benchmark indices are still around 0.3% down in the red, although the losses have sharply contracted after crashing more than 1% in the morning. This comes even as India VIX, which measures volatility in markets, jumped 8% to 16.59.
ICICI Bank shares jumped 2% to lead gains on the Sensex, while Zudio-parent Trent, Power Grid, State Bank of India (SBI) and Maruti Suzuki shares followed, rising around 1% each. On the other hand, IT stocks, including TCS, Tech Mahindra, HCL Technologies and Infosys, continued to lead losses, crashing up to 8%.
Nifty Smallcap 100 index sharply recovered all losses to move into the green, while the Nifty Midcap 100 index was trading with only marginal losses. Sectorally, the Nifty PSU Bank index surged 1.6%, while the Nifty IT crashed around 6%. Around 1,431 stocks advanced on the NSE, while 1,788 declined and 119 remained unchanged.
MORE TO COME...........
Next Story