Sensex, Nifty bounce back on fag-end buying; settle with gains

• Benchmark equity indices Sensex and Nifty staged a dramatic rebound on Monday to settle higher.
• The 30-share BSE Sensex closed higher by 111.66 points or 0.15% at 72,776.13.
• Asian Paints, Sun Pharma, HDFC Bank, TCS, Axis Bank, Tata Steel, JSW Steel, Larsen & Toubro, ICICI Bank and Power Grid were the major gainers.

Benchmark equity indices Sensex and Nifty staged a dramatic rebound on Monday to settle higher following buying in HDFC Bank, ICICI Bank and Tata Consultancy Services. Recovering from early lows, the 30-share BSE Sensex closed higher by 111.66 points or 0.15 per cent at 72,776.13. The index opened lower and plummetted further 798.46 points or 1.09 per cent to hit a low of 71,866.01 in day trade.

The NSE Nifty rose by 48.85 points or 0.22 per cent to 22,104.05. The 50-issue rebounded from a low of 21,821.05.

From the Sensex basket, Asian Paints, Sun Pharma, HDFC Bank, Tata Consultancy Services, Axis Bank, Tata Steel, JSW Steel, Larsen & Toubro, ICICI Bank and Power Grid were the major gainers.

"Domestic benchmark indices opened lower on Monday and stayed under pressure in the first half. However, in the second half, the index recovered and closed on a positive note at 22,104. Technically, on the daily scale, the index found support near the 100-Days Exponential Moving Average (100-DEMA) as anticipated and formed a hammer candle near the support zone, indicating strength. As per the hammer candlestick pattern, as long as the index holds the support of 21,820, the relief rally will continue. The 21-DEMA is placed near 22,315, which will act as an immediate hurdle for the index. Thus, for the short term, we expect a pullback towards 22,300 levels. If the index sustains above 22,315, the pullback rally might test 22,500 levels," said Neeraj Sharma, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates.

Tata Motors dropped over 8 per cent despite reporting over three-fold jump in consolidated net profit at Rs 17,528.59 crore for the fourth quarter ended March 31, 2024.

NTPC, Bharti Airtel, Titan, State Bank of India and Nestle were the other major laggards.

In Asian markets, Seoul, Tokyo and Shanghai settled lower while Hong Kong ended in the positive territory.

European markets were trading mostly lower. Wall Street ended mostly higher on Friday.

Foreign institutional investors (FIIs) offloaded equities worth Rs 2,117.50 crore on Friday, according to exchange data.

Global oil benchmark Brent crude climbed 0.28 per cent to USD 83.02 a barrel.

The BSE benchmark climbed 260.30 points or 0.36 per cent to settle at 72,664.47 on Friday. The NSE Nifty climbed 97.70 points or 0.44 per cent to 22,055.20.

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