Benchmark indices broke three-day losing streak and ended higher. At close, the Sensex was up 503.27 points or 0.94 per cent at 54,252.53, and the Nifty was up 144.40 points or 0.90 per cent at 16,170.20. About 1712 shares have advanced, 1509 shares declined, and 126 shares are unchanged. Tata Steel, JSW Steel, Apollo Hospitals, SBI and HDFC Bank were among the top Nifty gainers, while losers included ITC, UPL, Divis Labs, Sun Pharma and Reliance Industries.
Tata Steel and JSW Steel were the top large-cap frontrunners today, rallying 7 per cent and 5 per cent, respectively, after two straight days of bear hammering. Apollo Hospitals, SBI, Hindalco, Axis Bank, HDFC Bank, and HDFC were the other gainers on the Nifty50 index, rising over 2 per cent each.
Within the broader market space, Torrent Pharma, M&M Financial Services, Adani Power, ITI, Uttam Sugar, and AIA Engineering stole the show.
Sectorally, the Nifty PSU Bank and Metal indices dazzled with 3 per cent and 2.67 per cent surge, respectively. On the downside, only the Nifty FMCG index was in the red, down 0.2 per cent.
Vinod Nair, Head of Research at Geojit Financial Services, said: “After the heavy sell-off market showed signs of exhaustion and could bounce for the short to medium-term. Technically, the broad market is in the oversold territory and fundamentally valuations are just below the three-year average. A key reason for the current correction is selling by FIIs and a reduction in domestic buying. A drop in FIIs selling will be an important reason for the bounce. For this, the actions to be undertaken by FED and RBI in June will be an important factor. Moreover, we should note that the fiscal measure announced by the Indian government to control inflation is positive for the domestic market.”
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