Stocks bounce back after 4-day decline
Benchmark BSE Sensex rebounded by 344 points while Nifty closed above the 16,000 level in choppy trade on Friday, snapping the four-day falling streak on renewed buying interest from foreign funds and firm global trends.
The 30-share BSE barometer climbed 344.63 points or 0.65 per cent to settle at 53,760.78. During the day, it jumped 395.22 points or 0.73 per cent to 53,811.37.The broader NSE Nifty advanced 110.55 points or 0.69 per cent to 16,049.20.
Among Sensex constituents, Hindustan Unilever, Titan, Maruti, Larsen & Toubro, HDFC, Mahindra & Mahindra, Nestle and Bharti Airtel were the major gainers.Tata Steel, Power Grid, HCL Technologies, Wipro, Dr Reddy’s and Axis Bank were the laggards.
In Asia, markets in Seoul and Tokyo ended in the green, while Shanghai and Hong Kong settled significantly lower.
“Volatility has re-emerged and investors have turned their focus on upcoming Fed policy in the backdrop of heightened US inflation. Fall in crude prices and reduction in FII selling added optimism to the domestic market while gloomy IT results, depreciating rupee and fear of global recession are restricting sizeable up move,” said Vinod Nair, Head of Research at Geojit Financial Services.