NEW DELHI: Benchmark indices rebounded from the day’s low on Tuesday after buying was seen in most segments of the market. This was despite a hawkish commentary by the US Fed Chairman that pushed the US bond yields higher.
Overall, it was a volatile day for the equity market and nervousness was seen in the morning session while investors’ sentiments turned positive in the second half with more buying seen in IT stocks, which tend to benefit when yields and dollar rise.
The 30-share pack Sensex climbed 696.81 points or 1.22 per cent to close at 57,989.30. Its broader peer NSE Nifty rose 197.90 points or 1.16 per cent to 17,315.50.
“US 10 year bond yields have crossed 2.3 per cent after the more hawkish commentary from the US Fed to control the inflation. We believe that volatility will likely continue before we conclude the equilibrium. Investors should focus on the quality names where the earnings expectations are intact, and raw material inflation pressure is limited,” said Neeraj Chadawar, Head – Quantitative Equity Research, Axis Securities.
Market at a glance:
- Paytm shares slumped further 4%, hit all time low
- Zee Ent dropped 3% after Bombay HC allows NCLT to hear Invesco plea
- ITC continued its stellar run, hits Rs 250 level after rising another 2%
- Shankara Building saw profit-booking after nine-day rally
- India VIX, barometer of volatility, eased 2% to 24 level
More to come…
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
