After enduring a dull session, the Nifty and Sensex staged a dramatic comeback in the late session, improving 500 and 175 points from the day’s lows and sealing their fifth straight day of gains.
What changed the mood?
Counting trends pointing to a clear win for the BJP-led NDA in Bihar.
That one signal was enough to revive sentiment.
Towards the end, the Sensex gained 84 points at 84,562, and the Nifty added 36 points to end at 25,916.
PSU banks and pharmaceutical stocks were the driving force behind the last hour rally.
The top gainers include: Trent, BEL, Eternal and SBI, with an increase of up to 2%.
Meanwhile, Tata Motors PV, Infosys, Tata Steel, ICICI Bank, Tech Mahindra, UltraTech Cement and ITC fell 1-2.5%.
On the IPO front, Billionbrains Garage Ventures, Groww’s parent company, remained in the spotlight, rising another 8%.
That’s now 48% above the IPO price, and 30% above the listing price in just two days.
Expert view:
MarketSmith India says early NDA majority trends indicate policy continuity – positive for markets. Expect some turmoil in the short term, but the focus will quickly shift back to earnings figures, central policy guidance, macros and fiscal discipline.
Global markets:
Weak.
An hawkish US Fed dashed hopes of a rate cut in December, sending global indices down sharply from Tokyo to Paris and London. Technology stocks have dragged down Wall Street benchmarks. The Nasdaq fell 2.29%, the S&P 500 fell 1.66% and the Dow Jones fell 1.65%.
Oil prices rose almost 2% after crude oil exports at Russia’s Black Sea port were halted following a drone attack. Brent costs $64.25, WTI $59.99.
The Indian rupee closed at 88.74 per dollar and is expected to remain in the range of 88.40 to 88.95.
This is Neha Vashishth, and you are listening to ET Market Watch.
We’ll be back with more market action.
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