The 50-share index rose 188.20 points, or 1.85%, to close at 10386.60. During the intra-day trade, the index dropped as low as 10105.30
After a day of loss, the equity benchmark indices on Wednesday rebounded amid tension between the government and the Reserve Bank of India’s (RBI) over the autonomy of the central bank.
Though the markets started on a positive note, the investors became cautious during the intra-day, but regained confidence after the finance minister said, “The autonomy for the central bank, within the framework of the RBI Act, is an essential and accepted governance requirement. Governments in India have nurtured and respected this.”
After opening higher at 33963.09, Sensex touched a low of 33588.49 during intra-day, but recovered all the losses and finally closed at 34442.05, surging 550.92 points, or 1.63%. Led by improved sentiment, the investor’s wealth soared Rs 1.92 lakh crore.
The broader Nifty, reclaimed the 10300-mark. The 50-share index rose 188.20 points, or 1.85%, to close at 10386.60. During the intra-day trade, the index dropped as low as 10105.30.
“After a volatile start, the market sharply rebounded, led by clarity over the independence of RBI by the government. The rupee pared some losses, while strong global cues and stock-specific actions supported the market to remain positive. Signs of rising oil supply and gradual consolidation in yields may ease liquidity concerns. However, the focus will be more on the results outcome as there is fear of a further downgrade in earnings in H2FY19,” said Vinod Nair, head of research at Geojit Financial Services.
HDFC, IndusInd Bank, Infosys, Axis Bank and YES Bank contributed most to Sensex’s rally soaring as much as 5.78%. The BSE Midcap and Smallcap indices too advanced by 1.56% and 1.38% respectively for the third consecutive day.
Sectorally, except BSE Metal (-1.40%), all other 18 sub-sectoral indices ended in the green zone. BSE Information Technology led the list, rising 3.53% followed by Teck (3.18%), Consumer Durables (2.32%) and Finance (2.23%).
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "BSE")
)
The broader Nifty, reclaimed the 10300-mark. The 50-share index rose 188.20 points, or 1.85%, to close at 10386.60. During the intra-day trade, the index dropped as low as 10105.30.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}