INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The equity benchmarks Sensex and Nifty snapped a five-day losing streak on Tuesday to end almost a per cent higher
The session was marked by high volatility, as indices swung wildly during the day only to settle in the green.
The BSE Sensex gained 0.96
per cent, or 347.04 points, to 36,652.06 while its NSE counterpart Nifty jumped 100.05 points, or 0.91 per cent, to 11,067.45.
In the 30
share index, 10 stocks settled lower while the remaining edged higher
PowerGrid was the worst index performer while Hindustan Unilever was the top gainer.
Axis Bank, HDFC Bank, Kotak Mahindra Bank, Maruti, Sun
Pharma and State Bank of India were among other stocks that led Sensex higher and rose up to 3 per cent.
On BSE, three out of every five
stocks ended lower, signalling underlying bearishness.
BSE FMCG, BSE Financials, BSE Bankex, BSE Auto and BSE Healthcare were leading
However, BSE Utilities, BSE Realty and BSE Energy were among the worst performing indices.
Volatility index India VIX eased 5.30 per cent
The company has defaulted over five of its obligations since August, put its headquarters on the block, and its MD CEO of the financial
services arm has since resigned
The Friday's stock market crash was in part attributed to the ILFS controversy.
But in the latest development, LIC Chairman VK Sharma has
come out to say that they will ensure ILFS does not collapse
He did not ruled out raising stake in teh ailing firm
He assured that LIC will take all possible steps to avoid contagion spreading to the market.
LIC holds over 25 per cent stake in ILFS
Rupee puts up some fightThe domestic unit gained over 30 paise against the US dollar from day's low of 72.96
At the time of writing this report the rupee was trading at 72.63.
Buying in banking financial stocksBuying in banking and financial stocks
pushed the domestic equity indices higher
The Nifty Bank index jumped 1.44 per cent while the Nifty Financials index rose 1.90 per cent
Kotak Mahindra Bank was the top gainer in the Nifty Bank index
A recovery for the banking stocks was on the cards.
"We need to note that the Nifty has become nearly oversold while Nifty Bank trades very
much oversold on the short-term charts
The market has ended a notch below 100-DMA mark of 11,028
However, this remains within its filter and we can still, though purely theoretically, expect some recovery and expect the level of 100-DMA
being held as support," Milan Vaishnav, Consultant Technical Analyst at Gemstone Equity Research Advisory Services had said on Monday.
The
banking and financial stocks account for a third of Nifty weightage.
What experts say:Jayant Manglik, President, Religare BrokingThe bulls
staged a smart comeback post five straight session of losses with Nifty Index gaining ~0.9% to close at 11,064
The markets witnessed considerable volatility during the day, swinging both ways however, positive statements from LIC Chairman on ILFS and
news of successful raising of funds by Indiabulls Housing finance boosted investor sentiments.
We maintain our cautious stance on the Indian
markets as volatility is likely to remain high in the near term
On the global front, US FOMC meet scheduled this week, crude oil and currency movement would be actively tracked by the investors
We would advise investors and traders to remain selective in stock picking.
Vinod Nair, Head of Research, Geojit Financial ServicesAfter a
volatile trade, market bounced back towards closing backed by renewed buying in financial Pharma stocks
Domestic fund flow continued to add liquidity in the market due to value buying opportunity after the recent correction.
