Sensex, Nifty50 rebound amid recovery in global markets: Banking, consumer durables stocks emerge top gainers
- India’s equity markets rebounded on Tuesday amid recovery in global markets.
- Banking, consumer durables and oil & gas stocks emerged as the top gainers, while FMCG and IT stocks edged lower.
- Both the benchmark indices closed 0.8% higher on Tuesday.
AdvertisementIndia’s equity markets rebounded on Tuesday amid recovery in global markets. Banking, consumer durables and oil & gas stocks emerged as the top gainers, while FMCG and IT stocks edged lower.
Both the benchmark indices closed 0.8% higher on Tuesday, with Sensex gaining 446 points to rise to 58,075, and Nifty50 gaining 119 points to edge up to 17,108.
"Global markets recovery ushered in gains in domestic equity indices as both the benchmarks ended above the psychological levels on the back of strong gains in financials. However, the optimism may face hurdles as the recent turmoil in large banks in the US and Europe has shaken investors' sentiment," Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said.
Top gainers and losers on Nifty50
|Top gainers||Change||Top losers||Change|
|HDFC Life Insurance||3.76%||Hindustan Unilever||-1.94%|
|Reliance Industries||3.11%||Power Grid Corp||-1.91%|
|Bajaj Auto||2.65%||Tech Mahindra||-1.2%|
Source: NSE, as on March 21, 2023
The US FOMC meeting on Wednesday on interest rate decision would be keenly eyed as any hike surpassing street expectations could unsettle investors, he said, adding that falling crude oil prices at a faster pace is raising concerns over the weakening global economic health.
Earlier on Monday, both Sensex and Nifty50 fell by over 0.6% amid fears of contagion risk of a financial sector crisis post the UBS-Credit Suisse deal.
This also led to a sharp fall in crude oil prices, with Brent crude falling below the $70 per barrel level before recovering. On Tuesday morning, Brent crude oil prices were down by 0.85% to $73.16 per barrel. At the same time, gold prices continued to rise, crossing the ₹60,000-mark per 10 grams on MCX.
"Gaining buoyancy from a slew of measures to shield the banking sector, global markets witnessed recovery ahead of the US Fed policy announcement on Wednesday. The momentum was passed onto domestic equities, which were led by large-cap banks," said Vinod Nair, Head of Research at Geojit Financial Services.
Global markets recover
AdvertisementMarkets in the US rebounded on Monday after the UBS-Credit Suisse deal, with Dow Jones rising 1.2% and S&P 500 gaining 0.89%. The tech-heavy Nasdaq rose 0.39% even as Amazon announced a layoff of 9,000 more employees, taking its tally to 17,000 in 2023, and 27,000 since November last year.
In Asia, Seoul, Hong Kong and Shanghai markets ended higher. European markets were trading in the green during afternoon trade. The US markets ended in positive territory on Monday.
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