Market

Sensex stages recovery, up 100 points, Nifty50 above 16,650

NEW DELHI: The BSE Benchmark Sensex staged a smart 400-point recovery in afternoon trade while the NSE Nifty50 topped 16,650, led by buying TCS, Larsen & Toubro and Bharti Airtel, among others.

At 12.15 pm, the Sensex traded at 56,058.78, up 109 points or 0.20 per cent. The Nifty50 took support from 16,600 level and was trading at 16,682.55, up 46 points or 0.27 per cent.

“The 16,600 level, followed by 16,500, would act as immediate support for Nifty50. The 16,700 level remains to be the level to watch out for. The direction is likely to be dictated by the banking space,” said Sameet Chavan of Angel Broking.

Among largecap stocks, Larsen & Toubro climbed 4.09 per cent to Rs 1,660.50. UltraTech Cement and Bharti Airtel climbed 3 per cent each.

Dr Reddy’s Labs, TCS, Axis Bank and Sun Pharma advanced over 1 per cent each.

Losers included HDFC and IndusInd Bank that fell 1 per cent each. Infosys, ICICI Bank, Nestle India, HDFC Bank, HCL Tech and Asian Paints declined up to 0.8 per cent.

SAIL gained 3 per cent as the steel producer said it is aiming at reducing its net debt to a range of Rs 15,000-20,000 crore in the current fiscal if the prices and demand for the commodity remain stable.

SpiceJet rose 2 per cent after the Directorate General of Civil Aviation (DGCA), which had banned operations by Boeing MAX aircraft in March 2019 after two fatal crashes, on Thursday allowed operations of these airplanes in India. InterGlobe Aviation fell 0.6 per cent.

All eyes were on the US Fed Chairman Jerome Powell’s speech at Jackson Hole Economic Symposium later in the day. “The elephant in the room is the sustained FPI selling, which touched Rs 1,974 crore in the cash market on Thursday. It would be difficult for retail investors and DIIs to absorb this selling, which might aggravate if the message from the Fed chief tonight is hawkish,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 1,974.48 crore on Thursday. DIIs turned buyers to the tune of Rs 1,055.21 crore, data suggested.

Midcap and smallcap indices were trading up to 0.6 per cent higher.

Earlier today, Asian markets were mixed, with MSCI’s broadest index of Asia-Pacific shares outside Japan edging 0.18 per cent higher. Japan’s Nikkei declined 0.3 per cent, Korea’s Kospi edged up 0.22 per cent higher, Australia’s ASX 200 shed 0.10 per cent, China’s Shanghai gained 0.32 per cent, while Hong Kong’s Hang Seng added 0.31 per cent.

In overnight trade, the US benchmark Dow Jones Industrial Average index fell 0.54 per cent to close at 35,213.12. S&P500 index declined 0.58 per cent to 4,470, while Nasdaq shed 0.64 per cent to 14,945.81.

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