Sunday, December 3, 2023
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HomeInvestmentSensex, Nifty rebound after three-day slump; IT and banking stocks shine

Sensex, Nifty rebound after three-day slump; IT and banking stocks shine

Equity benchmark indices Sensex and Nifty found firmer ground on Friday after a three-session losing streak, propped up by buying in IT, tech and banking counters amid a positive trend overseas and unabated foreign fund inflows.

The 30-share BSE Sensex climbed 297.94 points or 0.48 per cent to settle at 61,729.68 helped by fag-end buying. During the day, the benchmark faced volatile trends, hitting a high of 61,784.61 and a low of 61,251.70.

The NSE Nifty advanced 73.45 points or 0.41 per cent to end at 18,203.40.

Among the Sensex firms, Tata Motors jumped over 3 per cent. Tech Mahindra, Infosys, HCL Technologies, Axis Bank, Mahindra & Mahindra, ICICI Bank, UltraTech Cement and Kotak Mahindra Bank were the other major gainers.

NTPC, Asian Paints, Titan and Power Grid were among the laggards.

In Asia, Seoul and Tokyo markets ended in the green, while Shanghai and Hong Kong settled lower.

European markets were trading with gains. The US market ended on a positive note on Thursday.

“The domestic market, though experienced a lack of decisive direction, closed the day on a positive note. The optimism in the US market was fuelled by progress in debt ceiling talks. However, the prospect of a stronger US economy suggests that the Federal Reserve may keep policy rates elevated for an extended duration,” said Vinod Nair, Head of Research at Geojit Financial Services.

Foreign Institutional Investors (FIIs) continued their buying activity as they bought equities worth Rs 970.18 crore on Thursday, according to exchange data.

Adani Group stocks rally

An expert committee appointed by the Supreme Court said it cannot conclude any regulatory failure around Adani Group’s stock rallies, and that Sebi has “drawn a blank” in its probe into alleged violations in money flows from offshore entities into the conglomerate.

But the six-member panel said there was evidence of a build-up in short positions on Adani Group stocks ahead of the report of US-based short seller Hindenburg Research, and profiting from squaring off positions after prices crashed post-publication of the damning allegations.

All the ten listed companies of the Adani Group ended higher on Friday.

Meanwhile, global oil benchmark Brent crude climbed 0.78 per cent to USD 76.45 per barrel.

The Sensex had declined 128.90 points or 0.21 per cent to settle at 61,431.74 on Thursday. The Nifty fell 51.80 points or 0.28 per cent to end at 18,129.95.



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