Sensex, Nifty Break Losing Streak, close higher

Equity market benchmarks ended nearly 1 percent higher today, ending their eight-day decline amid gains in Asian and European stock markets.

The BSE Sensex rose 448.96 points or 0.76 percent to settle at 59,411.08 after a positive start. During the day, it rose 513.33 points, or 0.87 percent, to 59,475.45.

The NSE Nifty climbed 146.95 points or 0.85 percent to finish at 17,450.90.

In the past eight days, the BSE benchmark had fallen by 2,357.39 points or 3.84 percent and the Nifty by 731.9 points or 4.22 percent.

From the Sensex package, State Bank of India, Axis Bank, IndusInd Bank, Tech Mahindra, HCL Technologies, Tata Consultancy Services, Maruti Suzuki, Tata Steel and Tata Motors were the top winners.

Power Grid and HDFC Bank were the stragglers of the pack.

In Asian markets, Japan, China and Hong Kong finished in positive territory.

Stock markets in Europe traded in the green. US stock markets ended lower on Tuesday.

“The Indian market was oversold and needed encouraging domestic triggers to show signs of a rebound. The reported manufacturing PMI was better than forecast at 55.3, although India’s GDP statistics in Q3 FY23 rose by 4 .4 percent fell short of expectations. Solid global markets, bolstered by strong Chinese manufacturing data, also fueled optimism in the domestic market,” said Vinod Nair, Head of Research at Geojit Financial Services.

Growth momentum in India’s manufacturing industry continued in February, with new orders and production increasing at the same rate as in January, according to a monthly survey.

Foreign portfolio investors (FPIs) unloaded shares worth Rs 4,559.21 crore on Tuesday, according to exchange data.

International oil benchmark Brent crude fell 0.18 percent to USD 83.30 a barrel.

(Except for the headline, this story has not been edited by DailyExpertNews staff and is being published from a syndicated feed.)