After experiencing volatility, the BSE Sensex bounced back by 89.64 points, settling at 72,101.69, fueled by buying interest in major index players like Reliance Industries, ITC, and SBI. The Nifty also registered a slight gain, climbing 21.65 points to close at 21,839.10.
Market volatility
The Sensex, which initially dropped to a low of 71,674.42, rebounded during the day, surging by 390.62 points to 72,402.67 before settling at its final mark. The fluctuating trend reflected the ongoing volatility in the market.
Market analysis
Vinod Nair, Head of Research at Geojit Financial Services, attributed the market's rebound to positive global sentiment and robust direct tax collection. He noted that solid inflows from Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) also contributed to sustaining the market.
Top gainers and losers
Leading the gainers on the Sensex were Maruti, Nestle, Power Grid, SBI, ITC, Reliance Industries, Kotak Mahindra Bank, Bajaj Finance, IndusInd Bank, and Asian Paints. However, Tata Steel, Axis Bank, Tata Motors, and HDFC Bank witnessed declines.
Global market trends
While Asian markets like Seoul, Shanghai, and Hong Kong closed on a positive note, Japanese exchanges remained closed for a holiday. European markets showed mixed trends, and Wall Street ended with gains in the previous trading session.
Other market factors
FIIs bought equities worth Rs 1,421.48 crore on Tuesday, as per exchange data. Additionally, the net direct tax collection surged by 19.88 per cent to over Rs 18.90 lakh crore by March 17, driven by increased advance tax collections.
Oil prices, represented by Brent crude, dipped by 0.80 per cent to USD 86.68 a barrel.
Previous session recap
On Tuesday, the Sensex had plummeted by 736.37 points to settle at 72,012.05, while the Nifty had declined by 238.25 points to finish at 21,817.45.
Also read | How many times one can make changes in their EPF account? Know full details HERE
