According to analysts, market finding some ground after a disappointing Union Budget. Besides, manufacturing activity hitting an eight-year high eased investor concerns over economic recovery.
The BSE Sensex plummeted 988 points on Saturday to close below the key 40,000-mark, led by an intense broad-based selloff after the Union Budget for 2020-21 failed to live up to market expectations.
As Finance Minister Nirmala Sitharaman tabled the Union Budget for financial year 2020-21 on Saturday market benchmark Sensex dropped over 700 points.
According to analysts, investors are cautious ahead of the Union Budget as all eyes will be on how centre is going to bring growth as any increase in spending would result in widening of fiscal deficit.
Kotak Mahindra Bank was the top gainer in the Sensex pack, rallying over 4 per cent, after private sector lender said it will withdraw a case concerning dilution of promoters' shareholding in the bank which it had filed against the RBI in the Bombay High Court.
Tata Steel was the top loser in the Sensex pack, shedding up to 2 per cent, followed by IndusInd Bank, Reliance Industries, Nestle India, Bharti Airtel, SBI, Kotak Bank and Infosys.
In the previous session, Sensex settled 188.26 points, or 0.46 per cent, down at 40,966.86, and Nifty closed 63.20 points, or 0.52 per cent, down at 12,055.80.
According to analysts, strong earnings of select bluechips lifted benchmarks. Broader markets continued to outperform signalling that investors are hoping for an economic revival in the upcoming budget.
On the domestic front, analysts expect the cautious trend to continue in the near-term since a lot has been factored in the market about budget wish list and expectation of revival in earnings growth, but the actual Q3 results have been below par.
Shares of Infosys jumped 1.44 per cent after the government said it was working with the managed service provider for the goods and services tax (GST) regime, to improve the performance of GSTN filing portal on a permanent basis. On the other hand, HUL, Nestle, Asian Paints and Tech Mahindra was trading in the red.
According to traders, domestic investors turned positive following recovery in other Asian markets after a day of massive selloff after the outbreak of a new deadly virus in China.
In the previous session, Sensex settled at 41,932.56, up 59.83 points, or 0.14 per cent. Likewise, the Nifty closed at 12,355.50, showing a gain of 12.20 points, or 0.10 per cent.
According to traders, global stocks rallied as investors heaved a sigh of relief after the US and China on Wednesday signed the first phase of a trade deal, concluding more than a year of tough negotiations between the two largest economies of the world.
According to traders, market mood turned bearish after government data on Monday showed that retail inflation rose to about five-and-half year high of 7.35 per cent in December 2019, surpassing the RBI's comfort level, mainly due to spiralling prices of vegetables as onions were selling costlier.
The BSE benchmark Sensex crashed by nearly 788 points and the NSE Nifty tumbled around 234 points on Monday as heightened tensions in the Middle East kept investors on edge. The 30-share BSE index ended at 40,676.63, dropping of 787.98 points, or 1.90 per cent.
Market benchmarks Sensex and Nifty rose marginally to close at fresh lifetime highs on Friday, tracking gains in index heavyweights ICICI Bank, SBI and HDFC Bank. Gains were muted as investors turned jittery at the fag end of the session on macroeconomic concerns after Fitch Ratings cut India's GDP growth forecast for 2019-20, traders said.
The benchmark equity index Sensex on Monday logged fresh all time high of 40,846 in line with firm global markets over reports that US and China may soon reach a trade deal ending their 16-month-long costly trade war.
In the previous session, the 30-share Sensex settled 35.98 points or 0.09 per cent, higher at 40,165.03. The Nifty advanced 13.15 points, or 0.11 per cent, to close at 11,890.60.
Market benchmark BSE Sensex closed 167 points lower after a volatile session on Friday, dragged by metal, auto and financial stocks, as optimism over US-China trade deal waned amid rising political uncertainty in the US.
Equity benchmark BSE Sensex plummeted 504 points on Wednesday tracking heavy losses in banking and auto stocks as investors turned jittery over geopolitical uncertainties and global slowdown concerns.
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