Sensex Snaps Two-Day Losing Streak, Nifty Reclaims 15,700

Sensex rebounds after 3-day slide; dovish Fed calms world markets

By Administrtor_ India

Capital Sands

The Indian equity benchmarks snapped their two-day losing streak on Friday led by gains in Reliance Industries, ICICI Bank, Infosys, HDFC, and State Bank of India. For the most part of the day, benchmarks traded in a rangebound manner. However, late buying in banking and financial services shares helped benchmarks from lower levels. The Sensex rose as much as 350 points from the day’s lowest level and the Nifty 50 index reclaimed its important psychological level of 15,700.

The Sensex ended 166 points higher at 52,485 and the Nifty 50 index advanced 42 points to close at 15,722.

The benchmarks recorded nearly 1 percent weekly loss as they struggled for momentum, after hitting all-time highs recently, due to a lack of fresh domestic triggers.

While declining COVID-19 cases, easing of curbs and a surge in vaccinations have helped the Nifty and Sensex hit record highs as recently as Monday, they’ve been unable to make any headway since. For the week so far, they are down about 1.2 percent.

Seven of 11 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty Pharma index’s 0.6 percent gain. Nifty Bank, Financial Services, Private Bank, Realty and Media indices also rose between 0.4-0.6 percent.

On the other hand, select metal, FMCG, and PSU banking shares witnessed mild selling pressure.

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