Thursday, September 29, 2022

Change In Taste: Sensex, Nifty snap nine-day losing streak

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PW Bureau

Investor sentiment for Indian equities was boosted by a rally in other Asian markets, which increased to its highest level in more than four months

New Delhi: Helped by metal stock gains, banking shares and information technology, the market staged a strong comeback on Wednesday, with the S&P BSE Sensex and NSE Nifty 50 Index ending their longest losing streak of the year. The investor sentiment for Indian equities was boosted by a rally in other Asian markets, which increased to its highest level in more than four months.

Investor sentiment up

The Nifty 50 Index climbed 1.24 percent, or 131 points, to end at 10,735 while the 30-share Sensex increased 404 points, or 1.14 percent to shut shop at 35,756. The markets rose as a result of a short covering rally which triggered following losses in nine sessions for Sensex and a decline for Nifty for an eighth day in yesterday’s session, analysts say.

Led by an S&P BSE Metal Index’s 3 percent gain, all the 19 sector gauges compiled by the Bombay Stock Exchange ended higher, resulting in the Wednesday’s session broad-based gains.

Gainers of the day

Oil & Gas, Basic Materials, Energy and Information Technology Indices also increased between 1.44-2.2 percent each. Further, the S&P BSE Midcap Index grew 0.91 percent as the S&P BSE Smallcap Index shot up 0.84 percent.

In Nifty 50 basket of shares, Indiabulls Housing Finance was the top gainer, with the stock rising 6.14 percent to end at Rs. 652. Tata Steel, up 3.94 percent, with Vedanta, Adani Ports and Hindalco rising 4.8 percent each, were also among the gainers.

Notable losers

Meanwhile, Hero MotoCorp, Dr. Reddy’s Labs, Zee Entertainment, IndusInd Bank and Hindustan Unilever were among the losers.

The overall market breadth was positive, with 1,496 shares ending higher and 1,109 closed lower on the BSE.

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