Sensex rebounds 500 points; Bajaj Finance, Yes Bank, RIL among top gainers

  • Miles
  • August 14, 2019
  • Comments Off on Sensex rebounds 500 points; Bajaj Finance, Yes Bank, RIL among top gainers

Sensex jumped over 400 points after falling over 600 points on Tuesday (Reuters)

Tracking higher global markets, India’s stock market indices Sensex and Nifty rebounded today, with some buying emerging in stocks that fell sharply in Tuesday’s selloff. The Sensex was up over 500 points at day’s high while Nifty regained 11,050 after US delayed tariffs on some Chinese imports, bringing some relief to global markets rattled by a trade conflict. The rupee also rebounded after slumping to 6-month low on Tuesday. However, strong selling pressure was seen in some pharma counters like Sun Pharma and Glenmark.

Here are 10 updates from Indian stock markets

1) Among the sectors, financials and auto which were hammered in Tuesday’s selloff, led the gains today.

2) Among financials, Yes Banks, which slumped over 10% on Tuesday, rose 4% today. Bajaj Finance, which also fell nearly 6% in the previous session, saw some buying and was up 2%.

3) Reliance Industries shares today rose 1.2% today, extending their Tuesday’s 10% gain.

4) Some buying was also seen in auto stocks like Hero MotoCorp, Bajaj Auto and Maruti.

5) Metals stocks Tata Steel and Vedanta were up over 4% as the global risk-on sentiment improved slightly.

6) Data released on Tuesday showed that India’s retail inflation rate had eased slightly in July. “Benign inflation continues to provide some more space for Monetary Policy Committee” to ease rates further, Kotak Securities said in a note.

7) The finance ministry on Tuesday issued guidelines for rolling out its budget announcement of offering 1 trillion partial credit guarantee to public-sector banks purchasing high-rated pooled assets of financially sound NBFCs. “We believe that Ministry of Finance/RBI’s recent measures will improve liquidity for retail NBFCs. Trends from 1QFY20 results suggest that select NBFCs have faced challenges in raising funds likely due to exposure constraints of banks and MFs,” Kotak said in a note.

8) Meanwhile, the rupee strengthened today to a high of 70.85 against the dollar, after hitting a near six-month low on Tuesday.

9) Some pharma stocks came under strong selling pressure. Glenmark fell 7%, Sun Pharma declined 6%.

10) Wall Street soared overnight after US President Donald Trump on Tuesday delayed his September 1 deadline for 10% tariffs on some Chinese imports, including a range of consumer goods.

[“source=livemint”]