Stocks end five-day slide on value-buying, Nifty regains 11,000 level
Market benchmark Sensex on Tuesday rebounded 347 points to end its five-day losing streak helped by value buying in banking and FMCG stocks after recent heavy losses.
The 30-share index closed at 36,652.06, up by 347.04 points or 0.96 per cent in a volatile trade. It touched a high of 36,705.79 and a low of 36,064.10 in day trade.
The gauge had lost 1,785.62 points in the previous five sessions.
Also Read | Koffee With Karan 6: Arjun Kapoor to appear with THIS newly launched actress
The 50-share NSE Nifty ended sharply higher by 100.05 points, or 0.91 per cent, at 11,067.45 points. Intra-day, it shuttled between 11,080.60 and 10,882.85.
Benchmarks halted their five-session rout today as participants returned to buying mode, accumulating recently-hammered pharma, banking and FMCG stocks.
Moreover, mixed Asian cues and a firming trend in European markets largely on the back of strong earnings accelerated buying activity towards the fag-end.
The session was marked by volatility and stock-specific action, even as the overall sentiment remains weak as a fresh round of US-China tariffs and a surge in oil prices to near four-year highs added to worries about risks to global growth, brokers said.
Read More | Virat Kohli, Mirabai Chanu to receive Khel Ratna; Check complete list of Khel Ratna and Arjuna Awardees 2018
The rupee also pared initial losses to trade 5 paise higher at 72.58 against the dollar (intra-day).
Covering-up of short positions by speculators ahead of September month expiry in the derivatives segment on Thursday also helped the market stage a smart rally.
Meanwhile, domestic institutional investors (DIIs) made purchases worth Rs 1,527.67 crore while foreign portfolio investors (FPIs) sold shares worth a net Rs 523.94 crore Monday, as per provisional data.
For all the Latest Business News, Download News Nation Android and iOS Mobile Apps.
More from Business
Take Control Of Your Financial Goals: Apply For A Personal Loan Now
Nihal Dangoria: An Indian Entrepreneur Making a Bright Future For The Real Estate Industry
Data breach incident at Extramarks highlights growing cybersecurity concerns in Indian companies
How is ePayLater empowering retailers across the country
Follow your heart, but don't ignore your mind When it comes to investing