Sensex, Nifty Reverses Four-Day Losing Streak With Help From Power, Metal Stocks

Sensex and Nifty recovered from a four-day losing streak to register a gain made possible by heavy gains in power, metal and telecom stocks. The 30-share Sensex pared all losses to settle 198.44 points or 0.34 per cent higher at 58,664.33. NSE Nifty rose 86.80 points or 0.50 per cent to 17,503.35. 

Sensex recovered from 1,100 points from its lowest level during early trade today as Nifty went past 17,500 points after falling to an intra-day low of 17,216. 

PowerGrid rose around 4 per cent to emerge as the top gainer in the Sensex pack followed by NTPC, Tata Steel, Bharti Airtel, Sun Pharma and Bajaj Finserv.

On the other hand, IndusInd Bank, Asian Paints, Infosys, Bajaj Auto and Maruti fell up to 2.59 per cent. Sectorally, BSE metal, power, utilities, realty, basic materials and telecom indices rose up to 3.48 per cent, while the IT index ended in the red.

Broader midcap and small-cap indices rose 1.81 per cent. 

Analysts told news agency PTI that the domestic equity market headed out of the recent phase of downside helped by metal, state-operated banks and pharmacy stock with additional help mid and small-cap companies which outperformed the benchmark indices. Further, markets in the United States witnessed a late sell-off on Monday despite the re-nomination of Jerome Powell as the Fed chair. Moreover, oil and gas indices remained under pressure amid reports of the US releasing its emergency oil reserves to keep the rising crude oil prices under control.

Elsewhere in Asia, bourses in Hong Kong and Seoul ended with losses, while Shanghai and Tokyo were positive. Stock exchanges in Europe were in the red in mid-session deals.

International oil benchmark Brent crude fell 1.02 per cent to $78.89/barrel.

Further, the rupee recovered initial losses and settled 4 paise down at 74.43 against the US dollar on Tuesday helped by a positive trend in domestic equities and easing crude oil prices. At the interbank forex market, the local unit opened at 74.48 against the greenback and witnessed an intra-day high of 74.38 and a low of 74.57.