Markets recover after initial drop; Sensex climbs 284 points
The Hindu
Nifty went higher by 84.40 points to 16,605.25
Benchmark indices bounced back after falling in early trade on Thursday and logged the fifth day of gain amid a decline in crude oil prices and foreign funds inflow.
The 30-share BSE Sensex climbed 284.42 points or 0.51% to settle at 55,681.95. During the day, it jumped 340.96 points or 0.61% to 55,738.49.
The broader NSE Nifty went higher by 84.40 points or 0.51% to 16,605.25.
Among the Sensex constituents, IndusInd Bank, Bajaj Finance, Bajaj Finserv, Asian Paints, Tech Mahindra, Larsen & Toubro, Axis Bank and Power Grid were the gainers.
Shares of IndusInd Bank climbed 7.88% after the company reported a 60.5% jump in net profit for the quarter ended June.
Dr. Reddy's Lab, Kotak Mahindra Bank, Reliance Industries, HDFC Bank and NTPC were the laggards.
"With support from FII buying, the domestic market was able to withstand the downward pressure from global markets to close on a positive note. Global indices traded lower on rate hike worries ...," said Vinod Nair, Head of Research at Geojit Financial Services.
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