Sensex rebounds 250 pts, Nifty tops 14,600; NTPC, ITC, HCL Tech leads

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The Indian benchmark indices, BSE Sensex and NSE Nifty, made a strong recovery in late morning deals on the back of strong buying in power and FMCG stocks. Paring early losses, the BSE Sensex was trading at 49,492, up by 275 points or by 0.56 per cent, and the NSE Nifty was at 14,633, up by 75 points or by 0.52 per cent. In line with benchmark indices, the broader markets also pared losses. The MidCap index was trading higher by 0.27 per cent, while SmallCap index was down 0.35 per cent. On the sectoral front, power and FMCG index were up 1 per cent, while realty and capital good stocks were down nearly 1 per cent each. Among the individual stocks, Future Retail, Reliance Industries, Larsen & Toubro Ltd, Bajaj Finance, Maruti Suzuki India, Mahindra & Mahindra were among top losers. On the other hand, NTPC, Power Grid Corporation, ITC, HCL Technologies, Dr. Reddy’s Laboratories were among notable gainers.

On Thursday, Indian stock market ended lower for the fifth straight session, cumulatively falling around 2,063 points. Amidst volatile trade, the S&P BSE Sensex ended 585.10 points or 1.17 per cent lower at 49,216 and NSE Nifty 50 index dropped 163 points or 1.11 per cent to settle at 14,557. The BSE Sensex, which opened 490 points higher, declined as much as 1,334 points intraday, from day’s high of high of 50,296.35 to low of 48,962.36. Losses in heavyweights like HCL Technologies, Infosys, Dr. Reddy’s Laboratories, Reliance Industries, Tata Consultancy Services further dampened market sentiment.

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