Sensex, Nifty Rebound After Monday's Free Fall Aided By Metals, I.T. Stocks
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India's stock benchmarks bounced back after the sharp decline in the previous session. Both S&P BSE Sensex and NSE Nifty advanced, aided by gains in information technology, metals, realty and telecom stocks, amid concerns over the omicron variant and faster withdrawal of monetary stimulus by the U.S. Federal Reserve.
The S&P BSE Sensex rose 0.89% to 56,319.01. The 30-stock gauge rose nearly 2% in intraday trade and hovered in the vicinity of 57,000 before paring the gains. The NSE Nifty 50 also advanced by similar magnitude to 16,770.85. The 50-stock gauge rose above 16,930, just shy of the reclaiming the 17,000 mark in intraday trade after two sessions. The move was the biggest since rising 1.7% on Dec. 8 and follows the previous session's decrease of 2.2%. HCL Technologies Ltd. had the largest increase, rising 3.9%. Today, 39 of 50 shares rose, while 11 fell.
The broader indices outperformed their larger peers with S&P BSE MidCap and S&P BSE SmallCap adding over 1.25%. All the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Metal adding 3%. S&P BSE Consumer Durables and S&P BSE Basic Materials gained over 2%.
The market breadth was skewed in the favour of bulls. About 2,287 stocks advanced, 1,031 declined and 113 remained unchanged.
"Markets witnessed a decent rebound and gained nearly a percent, taking a breather after the recent fall. The benchmark opened with an uptick and inched further higher however selling pressure in the latter half trimmed the gains", Ajit Mishra, VP - Research at Religare Broking Ltd. wrote in a note. He added "the updates on the new variant are keeping the choppiness high globally and we expect this trend to continue in the near future. Among the sectors, only the IT pack has been showing a steady uptrend while others are trading mixed. In case of a further rebound, Nifty would face a hurdle around the 17,000-17,150 zone. Participants should limit leveraged positions until we see some stability".
S&P BSE Telecom Index Up Over 1.6%
Oil India Gains The Most In Nearly Two Months
Shares of Oil India Ltd. rose 8.70%, the biggest intraday gain in nearly two months, to Rs 187.4 apiece.
Trading volume on the stock was 59% above the 20-day average volume, for this time of the day.
The company trades at 4.4 times its estimated earnings per share for the coming year.
Analysts have 14 'buy', five 'hold' and three 'sell' recommendations on the stock. The overall consensus price of analysts tracked by Bloomberg implied an upside of 43%.
Mahindra Holidays Downplays Omicron Concern
In India, for the time being, we do not have as many omicron cases that we have seen elsewhere.
Occupancy is back to pre-pandemic levels and will likely hit upwards of 80% this quarter.
Not looking at omicron as a reason for us to derail our plans, domestic leisure is bound to grow.
Inflation does affect us, but I do not expect a dip in our margins.
-Kavinder Singh, CEO, Mahindra Holidays & Resorts India Ltd. in an interview to Bloomberg TV
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What Experts Made Of Monday's Free Fall In Markets
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