Nifty almost makes it to 17,000 as Dalal Street rebounds after five-day fall, SBI, HUL, HDFC Bank aid market recovery
Indian equity benchmarks Nifty50 and Sensex managed to halt a five-day losing streak on Thursday, driven by gains in FMCG and financial shares though losses in IT stocks limited the upside, with the 50-scrip index coming within 15 points of the psychologically-important 17,000 mark. The Indian stock market took positive signals from a positive start in European markets as Credit Suisse shares made a sharp comeback a day after losing about one-fourth of its value, giving a ray of hope to investors stuck in a turmoil across global banking shares after the sudden collapse of Silicon Valley Bank (SVB).
Indian equity benchmarks Nifty50 and Sensex managed to halt a five-day losing streak on Thursday, driven by gains in FMCG and financial shares though losses in IT stocks limited the upside, with the 50-scrip index coming within 15 points of the psychologically-important 17,000 mark. Among heavyweights, HUL, HDFC Bank, Asian Paints, SBI, Titan and ITC were the biggest boosts for both Sensex and Nifty50.
The Indian stock market took positive signals from a positive start in European markets as Credit Suisse shares made a sharp comeback a day after losing about one-fourth of its value, giving a ray of hope to investors hurt by a turmoil across global banking shares after the sudden collapse of Silicon Valley Bank (SVB).
EXPLAINED: What's happening at Credit Suisse and does it affect India?
The Nifty50 rose 13.5 points or 0.1 per cent for the day to end at 16,985.6, having broadly gyrated in the 16,850-17,050 range during the volatile session. The Sensex settled at 57,634.8, up 476.2 points from the lowest level in intraday trade and 78.9 points from its previous close.
Thursday's mild rise meant investors gained Rs 14,637 crore in wealth in a day after losing Rs 10.3 lakh crore in the past five sessions, as the market capitalisation of BSE-listed companies stood at Rs 256.1 lakh crore, according to provisional exchange data.
The Nifty Bank closed 81.1 points or 0.2 per cent higher at 39,132.6, after moving in a band of more than 750 points — between 38,613.2 and 39,381.4 — during the session.
SBI Life shares declined 0.3 per cent to Rs 1,063.1 apiece as the stock of the life insurer traded ex-dividend. JPMorgan reiterated an 'overweight' rating on SBI Life but reduced its target price for the stock by Rs 190 to Rs 1,440 apiece.
Aditya Birla Sun Life AMC inched higher to end at Rs 356.3 apiece after the Aditya Birla group company announced a dividend of Rs 5 per share.
The Samvardhana Motherson International (MOTHERSON) stock fell 10.9 per cent, after more than 23 crore shares of the auto parts maker changed hands in a string of block deals.
Broader indices Nifty Midcap 100 and Nifty Smallcap 100 finished on a mixed note, edging up 0.1 per cent and dropping 0.5 per cent respectively. Overall market breadth favoured the bears, with an advance-decline ratio of 3:5 as 1,268 stocks rose while 2,252 fell at the close on BSE.
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