Sensex, Nifty Halt Three-Day Losses As Oil Extends Slump
A security guard stands outside the BSE building in Mumbai, India. (Photographer: Adeel Halim/Bloomberg News)

Sensex, Nifty Halt Three-Day Losses As Oil Extends Slump

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Closing Bell: Sensex Surges 640 Points From Day's low, Nifty Above 10,700

Indian equity benchmarks staged a sharp up move in afternoon deals led by HDFC twins, Reliance Industries and Larsen & Toubro.

The Sensex rose 0.51 percent or 180 points to 35,650 and the NSE Nifty 50 Index rose 0.62 percent or 66 points to 10,730.

Earlier in the day, the benchmarks fell sharply but a short-covering rally in afternoon trade along with Brent crude extending drop below $50 per barrel lifted the markets.

The Sensex surged 640 points from day's lowest level while the Nifty touched a high of 10,747 and low of 10,534.

Markets rallied after falling nearly 3 percent in last three sessions as domestic sentiment got a boost from crude dropping below $50 per barrel amid short covering ahead of December derivatives expiry, AK Prabhakar, head of research at IDBI Capital Markets told BloombergQuint over phone.

Thirteen of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Telecom Index's 1.92 percent gain. On the flipside, S&P BSE Information Technology index was top loser, down 0.7 percent.

Mid-cap stocks underperformed their larger peers as the S&P BSE MidCap Index dropped 0.2 percent.

Nifty Bank Rallies 600 Points From Day's Low

Banking shares led gains in the benchmark Nifty Index. HDFC Bank was the biggest contributor towards gain in the index.

The Nifty Bank Index-the gauge of banking shares-rose 600 points from intraday lows to 27,008.55.

Sensex, Nifty Halt Three-Day Losses As Oil Extends Slump

Markets Rallying On Short Covering, Oil Decline: IDBI Capital Markets

Markets rallied after falling nearly 3 percent in last three sessions as domestic sentiment got a boost from crude dropping below $50 per barrel amid short covering ahead of December derivatives expiry, AK Prabhakar, head of research at IDBI Capital Markets told BloombergQuint over phone.

Vadilal Industries, Heritage Foods Among Buzzing Stocks Of The Day

  • Vadilal Industries: The Ahmedabad-based ice cream maker fell as much as 15 percent to Rs 443 after its board deferred limited review report saying audit committee and board of directors have not been able to conclude on certain matters.
  • Heritage Foods: The Hyderabad-based dairy products maker rose for second day in a row after India extended ban on import of milk and milk products from China.
  • Shree Cements: The Kolkata-based cement maker rose 3 percent to Rs 17,260 after it fully commissioned integrated cement plant at Gulbarga, Karnataka with capacity of 3MTPA.

Market Check: Sensex, Nifty Recover Led By HDFC Twins, L&T

Indian equity benchmarks rebounded from intraday low levels led by gains in HDFC twins, L&T and Axis Bank.

The S&P BSE Sensex recovered 433 points from intraday low to 35,486 and the NSE Nifty 50 Index advanced 12 points or 0.12 percent to 10,676.

Six of 11 sector gauges compiled by National Stock Exchange were trading higher led by the Nifty Media Index's 1.6 percent gain. On the flipside, Nifty IT Index was top loser, down 0.9 percent.

Overall market breadth remained negative as 1,509 shares were declining while 870 were advancing on BSE.

Sensex, Nifty Halt Three-Day Losses As Oil Extends Slump
Sensex, Nifty Halt Three-Day Losses As Oil Extends Slump
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