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Sensex rebounds 660 points post Covid 2.0 crash; banking, auto shares lead gains

Sensex rebounds 660 points post Covid 2.0 crash; banking, auto shares lead gains

Sensex closed 660 points higher at 48,544 and Nifty ended 194 points higher at 14,504. Top Sensex gainers were M&M, Bajaj twins, Maruti suzuki and IndusInd  Bank rising up to 8.02%

Investor sentiment was also upbeat after Drugs Controller  General of India gave approval to Russia's coronavirus vaccine Sputnik-V for restricted use in India. Investor sentiment was also upbeat after Drugs Controller General of India gave approval to Russia's coronavirus vaccine Sputnik-V for restricted use in India.

Sensex closed over 600 points higher today recovering partial losses from the market crash yesterday. A rally in the beaten down financial, auto stocks and a rise in metal shares due to jump in commodity prices led to the rebound in trade today.

Investor sentiment was also upbeat after Drugs Controller  General of India gave approval to Russia's coronavirus vaccine Sputnik-V for restricted use in India. Sputnik V is the third COVID-19 vaccine approved by the Subject Expert Committee (SEC) and the DCGI after Covishield and Covaxin vaccines.

The Russian vaccine's roll-out in small quantities will likely begin as early as May 2021.

Sensex closed 660 points higher at 48,544 and Nifty ended 194 points higher at 14,504. Top Sensex gainers were M&M, Bajaj twins, Maruti suzuki and IndusInd  Bank rising up to 8.02%. Top Sensex losers were TCS, Dr Reddy's, Tech Mahindra and HCL Tech falling up to 4.21%.

On Monday, Sensex crashed 1,707 points or 3.44 per cent to end at 47,883 and Nifty plunged 524.05 points or 3.53 per cent to finish at 14,310 as a record surge in COVID-19 cases in the country spooked investors.

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For the third consecutive day, India reported Covid cases over 1.5 lakh mark. In the last 24 hours, the country reported 1,61,736 new Covid-19 cases, 879 deaths in the last 24 hours.

Top sectoral gainers in today's trade were banking, auto and metal stocks. BSE bankex, which slipped 1802 points yesterday closed 1102 points higher at 36,088 on April 13.

Bank Nifty too surged 979 points to 31,771. On Monday, bank Nifty crashed 1656 points to 30,792.

BSE auto index ended 912 points higher at 22,136. BSE metal index too gained 535 points to end at 15,788.

Market cap of BSE-listed firms rose by Rs 2.58 lakh crore after investor wealth climbed to Rs 203.80 lakh crore at the end of today's session. On April 9, market wealth of BSE-listed firms stood at Rs 209.63 lakh crore.

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India VIX , the market's  volatility gauge, fell 11.04% to 20.46 on Tuesday, signalling declinimg volatiliy on Sensex and Nifty. On Monday, the index surged 16.17% to 22.99.

Market breadth was positive with 1937 stocks ending higher against 928 falling on BSE. 182 stocks were unchanged in trade today.

Commenting on the outlook for market, Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities said,"Nifty broke a critical level of 14,400 and is now expected to witness extended consolidation or a possible correction. The next few trading sessions are expected to witness high volatility. On the downside, 14000 can be tested if selling pressure continues. For investors we advise to remain buyer on dips as the medium term outlook remains positive; Leveraged traders are advised to keep exposure under check as volatility remains elevated."

Published on: Apr 13, 2021, 4:14 PM IST
Posted by: Aseem Thapliyal, Apr 13, 2021, 4:14 PM IST