Stock markets rebound after Monday's crash: Sensex jumps 1,089 pts tracking firm global trends
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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Rupee hits all-time low for second time in a week
Mumbai (PTI): The rupee depreciated 31 paise to settle at 91.99 against the US dollar on Wednesday, touching the lowest closing level for the second time in less than a week, amid increased month-end demand for the greenback.
Forex traders said the rupee opened higher as the US dollar index softened and a long-awaited trade breakthrough with Europe offered quiet reassurance. However, increased month-end demand for the American currency as well as the ongoing geopolitical tensions dented investors' sentiments.
At the interbank foreign exchange, the rupee opened at 91.60 and touched an early high of 91.50, but pared all the gains to touch an intra-day low of 91.99 against the greenback.
The domestic unit settled 31 paise down, revisiting its lowest-ever closing level of 91.99 against the greenback. The Indian currency previously ended at this level on January 23 when it also hit its all-time intraday low of 92 against the US dollar.
On Tuesday, the rupee rebounded from its all-time low levels and gained 22 paise to close at 91.68 against the US dollar.
Analysts said the rupee opened higher as the US dollar index softened and a long-awaited trade breakthrough with Europe bolstered investor sentiment.
India and the European Union on Tuesday announced the conclusion of negotiations for the free trade agreement (FTA), under which a number of domestic sectors such as apparel, chemicals and footwear will get duty-free entry into the 27-nation bloc, while the EU will get access to the Indian market at concessional duty for cars and wines, an official said.
The deal has been dubbed the "mother of all deals" as it will create a market of about 2 billion people.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.07 per cent lower at 96.14.
Brent crude, the global oil benchmark, was trading 0.43 per cent lower at USD 67.28 per barrel in futures trade.
On the domestic equity market front, Sensex jumped 487.20 points to settle at 82,344.68, while Nifty surged 167.35 points to 25,342.75.
Foreign Institutional Investors turned net buyers and purchased equities worth Rs 480.26 crore on Wednesday, according to exchange data.
