After Monday mayhem, market gets some breath

After surging 308 points in highly volatile trade in the morning session, the 30-share index was up 118.84 points, or 0.33 per cent, at 35,753.79, and the NSE Nifty rose 19.35 points, or 0.19 per cent, to 10,470.80.

Mumbai:Equity benchmark Sensex was at 118 points at 12:06 pm on Wednesday led by gains in Reliance Industries, ICICI Bank and HDFC amid mixed cues from global markets.

After surging 308 points in highly volatile trade in the morning session, the 30-share index was up 118.84 points, or 0.33 per cent, at 35,753.79, and the NSE Nifty rose 19.35 points, or 0.19 per cent, to 10,470.80.

Top gainers in the Sensex pack included Reliance Industries, Bharti Airtel, Hero MotoCorp, ICICI Bank and PowerGrid.

On the other hand, ITC, Tata Steel, Tech Mahindra, Infosys and UltraTech Cement were among the laggards.

Shares of Yes Bank continued to gain for the second consecutive session on Wednesday, rallying up to 28 per cent, as investor sentiment turned positive after SBI said it will buy a 49 per cent stake in the cash-strapped lender.

The scrip spiked up to 28 per cent to Rs 27.20 on the BSE. On the NSE, it jumped by similar margins to Rs 27.20.

In the previous session on Monday, the BSE Sensex crashed over 1,941 points and the NSE Nifty tumbled 538 points, positing their biggest ever single-day drop in absolute terms.

On a net basis, foreign institutional investors (FPIs) sold equities worth Rs 6,595.56 crore, while domestic institutional investors bought shares worth Rs 4,974.80 crore on Monday, data available with stock exchanges showed.

Market remained closed on Tuesday on account of Holi.

According to traders, domestic market rebounded from Monday's lows, but turned increasingly volatile as no respite from the rapid spread of coronavirus seems in sight.

Global stocks too gave mixed signals with bourses in Shanghai and Hong Kong trading on a positive note, while those in Seoul and Tokyo dropping over 1 per cent.

Stock exchanges in the US ended sharply higher on Tuesday on hopes of US economic stimulus efforts as the coronavirus continued to spread rapidly.

The rupee appreciated 23 paise to 73.93 against the US dollar in morning session.

Global oil benchmark Brent crude futures jumped 3.41 per cent to USD 38.49 per barrel.

(PTI Report)