Stocks end 5-day slide on value-buying, Nifty regains 11,000 level

Mumbai | ByPress Trust of India
Sep 25, 2018 04:34 PM IST

Traders said sustained demand of the US currency from importers, dollar’s strength against some currencies overseas and a lower opening in the domestic equity markets weighed on the domestic unit.

Market benchmark Sensex Tuesday rebounded 347 points to end its five-day losing streak helped by value buying in banking and FMCG stocks after recent heavy losses.

The Bombay Stock Exchange building is seen from a facade in Mumbai.(Reuters File Photo)
The Bombay Stock Exchange building is seen from a facade in Mumbai.(Reuters File Photo)

The 30-share index closed at 36,652.06, up by 347.04 points or 0.96% in a volatile trade. It touched a high of 36,705.79 and a low of 36,064.10 in day trade.

The gauge had lost 1,785.62 points in the previous five sessions.

The 50-share NSE Nifty ended sharply higher by 100.05 points, or 0.91%, at 11,067.45 points. Intra-day, it shuttled between 11,080.60 and 10,882.85.

Benchmarks halted their five-session rout on Tuesday as participants returned to buying mode, accumulating recently-hammered pharma, banking and FMCG stocks.

Moreover, mixed Asian cues and a firming trend in European markets largely on the back of strong earnings accelerated buying activity towards the fag-end.

The session was marked by volatility and stock-specific action, even as the overall sentiment remains weak as a fresh round of US-China tariffs and a surge in oil prices to near four-year highs added to worries about risks to global growth, brokers said.

The rupee also pared initial losses to trade 5 paise higher at 72.58 against the dollar (intra-day).

Covering-up of short positions by speculators ahead of September month expiry in the derivatives segment on Thursday also helped the market stage a smart rally.

Meanwhile, domestic institutional investors (DIIs) made purchases worth Rs 1,527.67 crore while foreign portfolio investors (FPIs) sold shares worth a net Rs 523.94 crore Monday, as per provisional data

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