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Sensex rebounds 638 points, Nifty ends at 15,824; metal, consumer durables stocks lead gains

On an intra day basis, Sensex climbed 669 points to 52,867 and Nifty gained 202 points to 15,834

On Tuesday, Sensex ended 354 points lower at 52,198, and Nifty fell 120 points to 15,632.  Equity market was closed on July 21 on account of Bakri Id. On Tuesday, Sensex ended 354 points lower at 52,198, and Nifty fell 120 points to 15,632. Equity market was closed on July 21 on account of Bakri Id.

Benchmark indices logged a strong recovery today as global markets shrugged off fears of rising coronavirus cases across UK, US and most parts of Asia. Sensex ended 638 points higher at 52,837 and Nifty surged 191 points to 15,824.

On Tuesday, Sensex ended 354 points lower at 52,198, and Nifty fell 120 points to 15,632.  Equity market was closed on July 21 on account of Bakri Id.

On an intra day basis, Sensex climbed 669 points to 52,867 and Nifty gained 202 points to 15,834.

HUL was the top Sensex loser, shedding 2.27 per cent, followed by Asian Paints, Bajaj Auto and M&M. On the other hand, Tech Mahindra rallied 5.65% to become the top Sensex gainer.

Bajaj twins, Bharti Airtel and Tata Steel shares gained up to 4.27% on Sensex. Of 30 Sensex stocks, 26 closed in the green.

BSE midcap and small cap indices rose 337 points and 396 points, respectively.

Nagaraj Shetti, Technical Research Analyst at HDFC Securities said,"A sharp comeback of bulls after a few sessions of decline seems to have changed the negative sentiment in the short term. Further sustainable upside above 15,880 levels is likely to confirm another attempt of new all-time high above 15,960 levels in the near term. Any failure to sustain the highs could trigger downward correction from the lower top. Immediate support is placed at 15,725."

Metal stocks were among the top gainers with BSE metal index ending 566 points higher at 19,327. Consumer durables and capital goods stocks too led the market higher with their BSE indices soaring 666 points and 653 points, respectively.

All 19 BSE sectoral except FMCG index closed in the green. Market cap of BSE-listed firms rose to Rs 233.94 lakh crore .

Market breadth was positive with 2,184 shares rising against 1065 stocks falling on BSE. 138 shares were unchanged.

Meanwhile, rupee rose against the US currency for the second straight session, closing 15 paise higher at 74.46 amid a rally in domestic market.

At the interbank forex market, the rupee opened at 74.46, and hit an intra-day high of 74.33 and a low of 74.53. On Tuesday, the rupee had settled at 74.61 against the US dollar. Forex market was closed on Wednesday on account of 'Bakri Id'.

Global markets

Global stock markets rose for the second straight session in line with gains on Wall Street as optimism about an economic recovery appeared to outweigh concern over rising coronavirus cases and inflation.

Benchmarks in Frankfurt, Shanghai and Hong Kong advanced. London opened down less than 0.1%. Japanese markets were closed for a holiday.

In early trading, DAX in Frankfurt rose 0.9% to 15,558.70 and  CAC 40 in Paris was 0.6% higher at 6,504.94. The FTSE 100 in London shed less than 0.1% to 6,995.42.

Dow gained 0.8% and the Nasdaq composite added 0.9%.

In Asia, Shanghai Composite Index rose 0.3% to 3,574.73 and Hang Seng in Hong Kong surged 1.8% to 27,723.84.

Kospi in Seoul added 1.1% to 3,250.21 and S&P-ASX 200 in Sydney rose 1.1% to 7,386.40.