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| Edited By: |Source: PTI |Updated: Mar 18, 2018, 04:39 AM IST
Ending a five-day downcast mood, the stock market Wednesday bounced back strongly and its barometer Sensex surged by 510 points or 3.36%, helped by robust buying in banking stocks and positive cues from world markets.
In percentage terms, the Sensex Wednesday posted its biggest one-day gain in about four months, while the 510.13-point absolute value rally was the highest in about two months.
Blue-chips like Reliance Industries, Infosys, M&M, Bharti Airtel, TCS and L&T also generated robust buying interest and helped the market post some handsome gains towards the end of a year, which has mostly been marked with heavy losses for the equity investors.
The BSE's 30-share benchmark index, the Sensex, today settled at 15,685.21 points, ending a losing streak of five straight trading sessions, during which it dropped by 827.43 points.
Analysts said that the Indian markets benefited from a continuing uptrend in the overseas markets since yesterday as positive economic data from the US and Germany improved the outlook for the global economy.
Besides, bargain-buying in domestic stocks, which were mauled in the past few trading sessions, also helped them bounce back today, they said.
The experts, however, warned that Wednesday's rally might not be sustained unless there are some improvements on the domestic macro-economic fronts and there are yet not enough indications about any respite from a high-inflation and a high-interest-rate regime within the country.
The markets are trading about 25% below the levels seen at the start of 2011 and a traditionally strong year-end performance has so far been missing from the bourses.
