The benchmark indices snapped their eight-day losing streak on Monday, and closed with modest gains amid high volatility.
Despite plunging over 600 points in intra-day trade, the Sensex recovered all the losses and closed up 58 points at 75,996.86. The Nifty recovered from an intra-day loss of over 200 points and closed at 22,959.50, gaining 30.25 points or 0.13%.
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In the previous eight sessions leading up to February 14, the benchmark indices declined 2.35%, marking their longest losing streak in two years.
“Markets eked out modest gains in a late recovery in a highly-volatile session, but most importantly, they managed to halt the eight-session losing streak. Positive cues from Asian and European indices aided the sentiment, while gains in select banking, oil & gas, metals and power stocks helped the benchmarks recover from their early lows,” said Prashanth Tapse, senior VP (research), Mehta Equities.
The broader indices traded mixed, with the BSE Midcap gaining 0.51% and the BSE Smallcap falling 0.56%. The overall market breadth remained negative, with 2,733 stocks declining, compared to 1,354 advancing. The total market capitalisation rose by ₹12,853 crore to ₹400.3 lakh crore, after briefly falling below the ₹400-lakh-crore mark during intraday trade.
Foreign portfolio investors sold equities worth ₹3,938 crore on Monday and ₹30,232 crore so far in February. Domestic institutional investors bought shares worth ₹4,760 crore on Monday and ₹30,779 crore so far this month.
Healthcare, consumer durables, energy, services and utilities were major gainers while telecom, teck, IT, industrials and capital goods were the top laggards.
Rupee falls 17 paise to close at 86.88
The rupee depreciated 17 paise to close at 86.88 against the US dollar on Monday, weighed down by significant foreign fund outflows and a recovery in the dollar index from intraday lows.
Forex traders said the rupee was trading with a negative bias as foreign banks went on a dollar-buying spree and importers scrambled to secure dollars, as they feared further depreciation amid global uncertainty.
Markets snap 8-day losing streak. Nifty closes near 23,000, Sensex up 70 points led by pharma
On Friday, the rupee extended its recovery and settled 22 paise higher at 86.71 against the US dollar.
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