Markets bounce back after 5-day rout; Sensex jumps 574 points
The Hindu
Mumbai Benchmark indices bounced back on Wednesday after falling for five straight sessions, wit
Benchmark indices bounced back on Wednesday after falling for five straight sessions, with the Sensex climbing 574.35 points, helped by buying in Reliance Industries and recovery in Infosys, TCS and HDFC twins.
A largely positive trend in global equities also helped the benchmarks get back on their feet.
Halting its five-day fall, the BSE Sensex jumped 574.35 points or 1.02% to finish at 57,037.50. During the day, the index rallied 753.36 points or 1.33% to 57,216.51.
The NSE Nifty surged 177.90 points or 1.05% to 17,136.55.
"With support from recovery in beaten-down HDFC stocks and the IT sector, the market countered yesterday's selloff. Foreign investors are pumping out funds in large quantities while support from DIIs is helping the market to partially balance the pressure," according to Vinod Nair, Head of Research at Geojit Financial Services.
From the 30-share Sensex pack, UltraTech Cement, Maruti, Reliance Industries, Asian Paints, TCS, Hindustan Unilever Limited, Bharti Airtel, HDFC and Dr Reddy's were among the major gainers.
In contrast, Bajaj Finance, ICICI Bank, Bajaj Finserv, Tata Steel and ITC were among the prominent laggards.
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Non-Resident Indians (NRIs) from the Gulf Cooperation Council (GCC) region, once prominent investors in the Indian equity market are seen shying away due to rupee depreciation and have moved to global funds, said a top financial services executive.
Mobile phones are increasingly migrating to smaller chips that are more energy efficient and powerful supported by specialised Neural Processing Units (NPUs) to accelerate AI workloads directly on devices, said Anku Jain, India Managing Director for MediaTek, a Taiwanese fabless semiconductor firm that claims a 47% market share India’s smartphone chipset market.
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