Sensex, Nifty rebound on fag-end buying in IT, power shares

Benchmark indices Sensex and Nifty bounced back from early lows to close higher on Tuesday helped by fag-end buying in IT, teck, power and utilities shares.

The 30-share BSE Sensex settled higher by 159.40 points or 0.25% to 63,327.70. The index traded in negative territory for the most part of the session and hit a low of 62,801.91.

The NSE Nifty advanced 61.25 points or 0.33% to end at 18,816.70.

From the Sensex pack, Tata Motors, HCL Technologies, Power Grid, Tech Mahindra, NTPC, Axis Bank, Kotak Mahindra Bank, Larsen & Toubro, Wipro, Nestle, Tata Consultancy Services and Infosys were among the major gainers.

Bajaj Finance, Bajaj Finserv, Mahindra & Mahindra, UltraTech Cement, IndusInd Bank and State Bank of India were the major laggards.

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

Equity markets in Europe were trading mostly lower.

The U.S. markets were closed on Monday on the observance of the Juneteenth holiday.

“The Indian market opened cautiously due to weak global cues, with heightened concerns over the Chinese economy following their decision to cut interest rates after a 10-month pause. Global worries were amplified by concerns of a possible rate hike by the U.S. Fed in its July meeting, with investors eagerly awaiting Powell’s testimony. However, the indices managed to recover smartly, led by upside in IT and auto stocks,” said Vinod Nair, Head of Research at Geojit Financial Services.

Global oil benchmark Brent crude climbed 1.22% to $77.02 a barrel.

Foreign institutional investors (FIIs) offloaded equities worth ₹1,030.90 crore on Monday, according to exchange data.

After hitting its lifetime high on Friday, the 30-share BSE index fell 216.28 points or 0.34% to settle at 63,168.30 on Monday. The Nifty went lower by 70.55 points or 0.37% to end at 18,755.45.