Sensex rebounds 1,000 pts from day's low, Nifty ends above 21,800; oil & gas, banking, metal shares top gainers

Benchmark indices ended higher on Wednesday boosted by gains in oil and gas, banking, metal, capital goods and auto stock. The market took a U-turn in the last hour of trade after remaining in the green for the rest of the session. Nifty ended at 21,840, rising 97 points and Sensex gained 267 points to 71,822.

Sensex recovered 1,013 points from the intraday low of 70,809 and Nifty rebounded 310 points from the low of 21,530 hit earlier during the session. Market cap of BSE-listed firms rose to Rs 384.85 lakh crore.

M&M, Nestle India , L&T, ITC, Titan, HUL and Sun Pharma were the top Sensex gainers, rising up to 0.26 per cent. Of 30 Sensex stocks, 27 ended in green.

Shares of HCL Tech, Ultratech Cement and Tech Mahindra were the only Sensex losers, falling up to 0.41%.

Vinod Nair, Head of Research, Geojit Financial Services said, "The domestic market staged a recovery from day's low, buoyed by renewed buying interest in banking stocks. Improving asset quality and the government's continued focus on fiscal prudence attracted PSU banks, yet concerns lingered regarding their elevated valuations. The optimism was further supported by favourable inflation figures from the UK, contributing to a widespread recovery. However, IT shares experienced selling pressure following the release of higher-than-expected US CPI, prompting concerns over potential delays in interest rate cuts and its impact on client spending."

Oil and gas, metal, capital goods, auto and banking stocks were the top sectoral gainers with their indices rising 989 points, 524 points, 578 pts, 599 pts  and 609 points, respectively on BSE.

On the other hand, IT stocks were top losers with the BSE IT index falling 341 points to 38,357. Market breadth was positive with 1162 stocks rising against 841 stocks falling on BSE. 1935 shares were unchanged.

Midcap and small cap indices gained 490 pts and 512 pts on BSE, respectively.

Previous session

Benchmark indices ended higher on Monday led by gains in banking and healthcare stocks. Sensex rose 483 points to 71,555 and Nifty gained 127 pts to 21,743. BSE investor wealth climbed to Rs 380.77 lakh crore. Banking and healthcare shares were the top sectoral gainers with their indices rising 736 points and 258 points, respectively on BSE.

Also read: Hot stocks on February 14: IFCI, Genus Power, Paytm, SJVN and more

Also read: Will Nifty's smart recovery sustain? What a Bullish Engulfing candle suggesting