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Business News/ Markets / Stock Markets/  Sensex rebounds 353 points; Bajaj Finance, Yes Bank, RIL among top gainers
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Sensex rebounds 353 points; Bajaj Finance, Yes Bank, RIL among top gainers

Metal, auto, and finance stocks led the gains while RIL extended its whopping gains of the previous session
  • Pharma stocks were under pressure with Sun Pharma, Glenmark and Dr Reddy's falling sharply
  • Sensex jumped over 500 points at day's high today (Reuters)Premium
    Sensex jumped over 500 points at day's high today (Reuters)

    Tracking higher global markets, India's stock market indices Sensex and Nifty rebounded today, with some buying emerging in stocks that fell sharply in Tuesday's selloff. After rising over 500 points at day's high, the Sensex ended 353 points higher at 37,311 after US delayed tariffs on some Chinese imports, bringing some relief to global markets rattled by a trade conflict. The broader Nifty ended nearly 1% higher at 11,029. The rupee also rebounded after slumping to 6-month low on Tuesday though it later pared some gains.

    Here are 10 updates from Indian stock markets

    1) Among the sectors, financials and auto which were hammered in Tuesday's selloff, led the gains today.

    2) Among financials, Yes Banks, which slumped over 10% on Tuesday, rose 4% today. Bajaj Finance, which also fell nearly 6% in the previous session, saw some buying and settled 2% higher.

    3) Reliance Industries shares today rose 1% today, extending their Tuesday's 10% gain.

    4) Some buying was also seen in auto stocks Hero MotoCorp (+2.6%) and Bajaj Auto (+1.5%).

    5) Metals stocks Tata Steel and Vedanta each ended nearly 5% higher as the global risk-on sentiment improved slightly.

    6) Data released on Tuesday showed that India's retail inflation rate had eased slightly in July. "Benign inflation continues to provide some more space for Monetary Policy Committee" to ease rates further, Kotak Securities said in a note.

    7) The finance ministry on Tuesday issued guidelines for rolling out its budget announcement of offering 1 trillion partial credit guarantee to public-sector banks purchasing high-rated pooled assets of financially sound NBFCs. "We believe that Ministry of Finance/RBI’s recent measures will improve liquidity for retail NBFCs. Trends from 1QFY20 results suggest that select NBFCs have faced challenges in raising funds likely due to exposure constraints of banks and MFs," Kotak said in a note.

    8) Meanwhile, the rupee strengthened today to a day's high of 70.85 against the dollar, before paring some gains.

    9) Some pharma stocks came under strong selling pressure. Glenmark fell 8%, Sun Pharma declined 5% while Dr Reddy's and Lupin both lost nearly 2% each.

    10) Wall Street soared overnight after US President Donald Trump on Tuesday delayed his September 1 deadline for 10% tariffs on some Chinese imports, including a range of consumer goods.

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    Published: 14 Aug 2019, 12:08 PM IST
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