Markets recover after initial drop; Sensex climbs 284 points

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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 per cent to settle at 55,681.95. During the day, it jumped 340.96 points or 0.61 per cent to 55,738.49.

The broader NSE Nifty went higher by 84.40 points or 0.51 per cent 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 per cent after the company reported a 60.5 per cent 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.

In Asia, markets in Seoul and Tokyo ended in the green, while Shanghai and Hong Kong settled lower.

Markets in Europe were trading on a mixed note during mid-session deals. The US markets had ended higher on Wednesday.

Meanwhile, international oil benchmark Brent crude fell 3.90 per cent to USD 102.8 per barrel.

Foreign institutional investors were net buyers on Wednesday, picking up shares worth 1,780.94 crore, as per exchange data.

“FIIs have turned net buyers of local shares to the tune of 1,781 crore on Wednesday, extending the buying momentum for the third straight session,” said Prashanth Tapse, Vice President (Research), Mehta Equities Ltd.


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