Mumbai, Apr 8 (PTI): Stock markets rebounded sharply on Tuesday, a day after facing the worst drubbing in 10 months, as benchmark Sensex recouped 1,089 points after across-the-board buying amid a rally in Asian and European markets.
Snapping its three-day decline, the 30-share BSE Sensex jumped 1,089.18 points or 1.49 per cent to settle at 74,227.08 with 29 of its components ending in the green. During the day, it climbed 1,721.49 points or 2.35 per cent to 74,859.39.
The NSE Nifty surged 374.25 points or 1.69 per cent to 22,535.85, snapping the three-day losing run. Intra-day, the benchmark soared 535.6 points or 2.41 per cent to 22,697.20.
Sensex tanked 2,226.79 points or 2.95 per cent and Nifty tumbled 742.85 points or 3.24 per cent, marking their worst single day decline in 10 months as global equity markets went into a tailspin on recession fears after US tariff war.
"Positive global market cues aided massive recovery in local benchmarks, as concerns over US trade tariffs faded a bit on hopes that most of the nations would work out ways to overcome the challenge. With India largely being a consumption-led economy, the US tariff impact may not hurt the country in a major way when compared to some of the other nations," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
All Sensex firms, except Power Grid, ended in the positive territory. Titan, Bajaj Finance, State Bank of India, Larsen & Toubro, Axis Bank, Bajaj Finserv, Asian Paints and Zomato were the biggest gainers.
World markets also staged a comeback after Monday's collapse.
In Asian markets, Tokyo's Nikkei 225 index, Hong Kong's Hang Seng, Shanghai SSE Composite index and South Korea's Kospi settled in the positive territory after falling sharply on Monday. Nikkei 225 index jumped 6 per cent.
European markets were quoting higher. US markets ended mostly lower on Monday.
The BSE smallcap gauge jumped 2.18 per cent and midcap index surged 1.87 per cent.
All BSE sectoral indices ended higher.
Oil & Gas index jumped the most by 2.58 per cent, followed by consumer durables (2.38 per cent), telecommunication (2.32 per cent), industrials (2.04 per cent), energy (2.03 per cent), consumer discretionary (2.02 per cent), teck (1.97 per cent), healthcare (1.94 per cent) and IT (1.77 per cent).
As many as 3,093 stocks advanced while 871 declined and 119 remained unchanged on the BSE.
"Following positive global cues, led by the interest of many nations to enter into bilateral agreements with the US, the domestic market witnessed a recovery," Vinod Nair, Head of Research, Geojit Investments Limited, said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 9,040.01 crore on Monday, while Domestic Institutional Investors (DIIs) bought shares worth Rs 12,122.45 crore, according to exchange data.
Global oil benchmark Brent crude climbed 0.22 per cent to USD 64.35 a barrel.
Benchmark indices Sensex and Nifty logged their worst single-day decline in 10 months on Monday, as fears that Trump's policies on reciprocal tariffs may lead to recession and higher inflation in the US going ahead unnerved investors.
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Mumbai/Chhatrapati Sambhajinagar, Aug 13 (PTI): Maharashtra Deputy Chief Minister Ajit Pawar has expressed displeasure over some civic bodies ordering the closure of slaughterhouses and shops selling meat on August 15, saying it was wrong to impose such a ban.
Such types of restrictions are generally imposed considering faith-related sensitivities on occasions like Ashadhi Ekadashi, Mahashivratri, Mahavir Jayanti etc, Pawar said, adding people eat vegetarian and non-vegetarian food in Maharashtra.
"It is wrong to impose such a ban. In major cities, people of different castes and religions reside. If it is an emotional issue, then people accept it (ban) for a day. But if you clamp such orders on Maharashtra Day, Independence Day and Republic Day, then it is difficult," Pawar told reporters on Tuesday.
Earlier in the day, the Chhatrapati Sambhajinagar Municipal Corporation announced the closure of slaughterhouses, outlets and shops selling meat within city limits on two days - August 15 and 20 - in view of festivals.
It stated the closure was ordered on August 15 on the occasion of Gokul Ashtami, a Hindu festival that celebrates the birth of Lord Krishna, and August 20, which marks the beginning of 'Paryushan Parva'- a key festival of the Jain community characterised by fasting and prayers.
On these two days, there will be a ban on slaughtering animals and selling meat in Chhatrapati Sambhajinagar city, the civic corporation stated, and warned of action for violation.
The order comes on the heels of the Kalyan Dombivali Municipal Corporation (KDMC) in Thane district near Mumbai directing the closure of meat shops on August 15.
There are reports that the Malegaon Municipal Corporation, too, issued such an order.
Shiv Sena (UBT) MLA Aaditya Thackeray has said the KDMC commissioner should be suspended because it is not their issue to decide on vegetarian or non-vegetarian food consumption.
"It is our decision what to eat and not to eat on Independence Day. We will definitely eat non-veg food. The commissioner should instead address the issue of potholes on streets," Thackeray said.
NCP (SP) leader Jitendra Awhad has said he will consume non-veg food to protest against the ban by the KDMC.