Stock markets rebound on last-hour buying, Sensex closes up 111 points

The index opened lower and plummetted further 798.46 points or 1.09% to hit a low of 71,866.01 in day trade

Updated - May 13, 2024 07:53 pm IST

Published - May 13, 2024 04:57 pm IST - Mumbai

The Bombay Stock Exchange (BSE) building in Mumbai. File

The Bombay Stock Exchange (BSE) building in Mumbai. File | Photo Credit: Reuters

Benchmark Sensex and Nifty staged a dramatic rebound on Monday to settle higher following buying in HDFC Bank, ICICI Bank and Tata Consultancy Services.

Helped by buying at the fag-end, the 30-share BSE Sensex closed higher by 111.66 points or 0.15% at 72,776.13. The index opened lower and plummetted further 798.46 points or 1.09% to hit a low of 71,866.01 in day trade.

The NSE Nifty rose by 48.85 points or 0.22% to 22,104.05. The 50-issue rebounded around 310 points from the day's low of 21,821.05 and hit a high of 22,131.65.

From the Sensex basket, Asian Paints, Sun Pharma, HDFC Bank, Tata Consultancy Services, Axis Bank, Tata Steel, JSW Steel, Larsen & Toubro, ICICI Bank and Power Grid were the major gainers.

Tata Motors dropped over 8% despite reporting over three-fold jump in consolidated net profit at ₹17,528.59 crore for the fourth quarter ended March 31, 2024.

NTPC, Bharti Airtel, Titan, State Bank of India and Nestle were the other major laggards.

Vinod Nair, Head of Research, Geojit Financial Services said, "Though the market reversed from the day’s low and ended up with a marginal gain, investors remain concerned over the progressing general election and high valuation."

An absence of major positive triggers and the flight of FIIs from the domestic market will keep the short-term trend weak, Mr. Nair added.

"The week kicked off with market volatility, but by the end, it managed to eke out marginal gains. Initially bearish sentiments gave way to a recovery, particularly among key heavyweights, which not only erased losses but also propelled the index to close near the day’s peak," said Ajit Mishra – SVP, Research, Religare Broking Ltd.

Experts said that market volatility was high amid the ongoing Lok Sabha polls. As many as 96 seats went to polls in the fourth phase of elections on Monday.

"VIX’s rise from record lows to above 20 now, has unfolded in just a fortnight’s time. So, while recent history points to more room for upside in VIX and thereby volatility, the abruptness in the rate of change of VIX, may lead to a cool off, perhaps even before the electoral results," Anand James, Chief Market Strategist, Geojit Financial Services said.

In the broader market, the BSE midcap gauge climbed 0.36% while smallcap index dipped 0.23%.

Among the indices, services climbed 1.41% while realty (1.32%), healthcare (1.15%), industrials (1.03%), commodities (0.79%) and bankex (0.65%) also advanced.

Consumer Discretionary, telecommunication, utilities and auto were among the laggards.

In Asian markets, Seoul, Tokyo and Shanghai settled lower while Hong Kong ended in the positive territory.

European markets were trading mostly lower. Wall Street ended mostly higher on Friday.

Foreign institutional investors (FIIs) offloaded equities worth ₹2,117.50 crore on Friday, according to exchange data.

Global oil benchmark Brent crude climbed 0.28% to $83.02 a barrel.

The BSE benchmark climbed 260.30 points or 0.36% to settle at 72,664.47 on Friday. The NSE Nifty climbed 97.70 points or 0.44% to 22,055.20.

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