Sensex Showing Some Bounce Back Action

After gyrating nearly 700 points on Wednesday, benchmark equity indices reversed initial losses and ended higher, driven by a rebound in financial stocks amid firming trend in the US market.

The BSE Sensex broke its three-day falling streak by ending 179.79 points, or 0.51%,  higher at 35,649.94. Intra-day, the index fell to a low of 35,010.82. The broader NSE Nifty too recovered to reclaim the 10,700 level, rising 66.35 points, or 0.62%, to 10,729.85.

The 30-share index had ended the previous session 271.92 points lower at 35,470.15, while the Nifty had lost 90.50 points.

The biggest gainers on both bourses were Bharti Airtel, HDFC duo, L&T, Bajaj Auto, Kotak Bank, Reliance Industries, Axis Bank, ICICI Bank, SBI, ITC and Bajaj Finance, rising up to 4%.

On the other hand, Sun Pharma, Yes Bank, TCS, NTPC, Tata Motors, Infosys and ONGC fell up to 2%.

The rupee, meanwhile, gained against the US dollar, and was trading at 70.08 per dollar.

Brent crude, the international benchmark, was up 0.73% at USD 51.14 per barrel.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 577.10 crore on Monday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 186.14 crore, provisional data available with BSE showed.

Elsewhere in Asia, Korea’s Kospi ended 1.31% lower, Hong Kong’s Hang Seng fell 0.40% and Shanghai Composite Index slipped 0.26% while, Japan’s Nikkei rose 0.89%.