Sensex rebounds 1,000 pts intraday on local buying – Times of India

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MUMBAI: Stock markets bounced back on Thursday, initially supported by strong domestic buying and short covering during the closing trade.
The Sensex, after opening in the red after a slide of 1,610 points from Wednesday’s high, recovered over 1,000 points to an intraday high of 70,959 points and closed slightly below that level at 70,865 points – up 359 points. On the NSE, the Nifty also followed a similar trajectory during the day’s session and closed up 105 points at 21,255 points.

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According to Vinod Nair Of Geojit Financial Services, “After a negative start, the leading indices reversed from the day’s lows amid a buy-on-dips strategy. “However, the overall trend is subdued. FIIs remained muted ahead of the festive break and global markets ended on a negative note ahead of the business announcement. US GDP Data (late Thursday). Some stability is warranted in the near term because of the peak valuation.”
The day’s higher move in the Sensex was mainly driven by strong buying in HDFC Bank and Reliance Industries. These two stocks together contributed to almost the entire gain of the Sensex, BSE data showed. On the other hand, sales in stocks like Axis Bank, Bajaj Finance etc HCL TECH LIMITED Total gain in Sensex
In Thursday’s market, foreign funds remained net sellers as on Wednesday, worth Rs 1,636 crore. On the other hand, domestic funds were net buyers of Rs 1,464 crore, BSE data showed.
With BSE’s market capitalization now at Rs 360.4 lakh crore, investor wealth increased by around Rs 3.6 lakh crore, official data showed.

Business news,Vinod Nair,US GDP,feeling,Reliance Industries,HDFC Bank,HCL TECH LIMITED,Geojit Financial Services

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