Domestic equity benchmarks rebounded on Thursday, halting a two-day losing streak despite lingering concerns over a fresh 25 per cent tariff on exports imposed by US President Donald Trump.
Erasing losses, the BSE Sensex rebounded sharply to close 79.27 points, or 0.10 per cent, higher at 80,623.26, rebounding 811 points from the intraday low of 79,811.29. The NSE Nifty50 also advanced 21.95 points, or 0.09 per cent, to settle at 24,596.15.
The 50-pack index witnessed a roller-coaster session as the index oscillated between 24,350 and 24,650. Although it briefly fell below 24,400, it did not sustain at lower levels and recovered smartly in the second half, closing near 24,600, said Rupak De, Senior Technical Analyst at LKP Securities.
“In the short term, the index may continue to recover; however, immediate resistance is seen at 24,660. A decisive move above this level could take the index towards 24,850. On the downside, support is placed at 24,400 on a closing or sustained basis,” De said.
Tech Mahindra led Sensex gainers, rising 2.11 per cent to Rs 1,490.25 apiece. Eternal rose 1.44 per cent, followed by HCL Technologies (up 1.17 per cent), Axis Bank (up 0.85 per cent), HDFC Bank (up 0.81 per cent), and Maruti Suzuki (up 0.73 per cent).
Five stocks namely HDFC Bank, Eternal, Axis Bank, Infosys and Tech Mahindra, contributed most to the Sensex’s rise.
Vinod Nair, Head of Research, Geojit Investments Limited, said the domestic equities recovered sharply from the intraday lows amid a volatile weekly expiry day.
“Although the earlier trade was weighed down by broad-based selling following steep US tariff hikes on India, sentiment improved toward the close as reports of potential peace talks involving Trump, Putin, and Zelensky which raised hopes of a softer US stance on trade. This renewed optimism triggered a strong rebound in the auto, pharma, metals, and energy sectors and aided the market in recalling its trajectory and concluding in the green,” Nair said.
Among sectoral indices, the BSE IT rose 0.73 per cent, or 246.84 points, to end at 34,153.57.
Out of 4,191 stocks that traded on the BSE today, 1,871 advanced, 2,167 declined, while 153 stayed unchanged.
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