Synopsis
On January 28, the Indian stock market experienced a rebound, with key indices such as the BSE Sensex and Nifty50 making significant gains after a two-day decline. Axis Bank led the rise, while Sun Pharma was the major loser.Key Takeaways
- Indian stock market showed recovery after two days of losses.
- Axis Bank emerged as the top gainer among stocks.
- The BSE Sensex increased by 592.19 points.
- The Nifty50 closed up by 142.90 points.
- Sun Pharma was the largest loser on both indices.
Mumbai, Jan 28 (NationPress) The Indian stock market rebounded on Tuesday, showcasing a favorable trend as the key indices made notable gains following a two-day slump amidst varying global cues.
By the end of trading, the BSE Sensex climbed by 592.19 points, equating to 0.79 percent, concluding at 75,958.36, while the Nifty50 advanced by 142.90 points, or 0.63 percent, to close at 22,972.05.
On the BSE Sensex, 21 out of 30 stocks were in positive territory, spearheaded by Axis Bank, which witnessed an impressive rise of 3.96 percent.
Other significant gainers included HDFC Bank, ICICI Bank, Bajaj Finance, and Tata Steel.
However, Sun Pharma emerged as the primary laggard, declining by 4.84 percent. Additional stocks, including NTPC, Power Grid Corp., Larsen & Toubro, and Nestle India, also faced downturns.
On the Nifty50, 27 stocks ended the day positively. Once again, Axis Bank led the way with a 3.96 percent increase, followed by HDFC Bank, ICICI Bank, Bajaj Finance, and Shriram Finance.
Conversely, Sun Pharma was the biggest decliner, dropping by 4.75 percent, with NTPC, BEL, Dr Reddy's, and Power Grid Corporation also experiencing losses.
Market analysts noted that selling pressure persisted in the broader markets, yet the Frontline Index saw an uptick, primarily driven by the Banking and Auto sectors.
“Mid and Smallcap stocks managed to recover most of their losses during the day, but struggled to maintain higher levels,” remarked Aditya Gaggar, director of Progressive Shares.
In terms of sector performance, the Nifty Financial Services index emerged as the day's top performer, rising by 2.17 percent.
Other sectors that exhibited substantial growth included Nifty Bank, which increased by 2.08 percent, Private Banks up 2.01 percent, Realty rising by 1.87 percent, PSU Banks jumping 1.42 percent, and Auto gaining 1.13 percent.
The Nifty IT index also posted gains, closing up by 0.13 percent.
In contrast, the Pharma and Healthcare sectors faced significant declines. The Nifty Pharma index fell by 2.62 percent, while the Nifty Healthcare index decreased by 2.30 percent.
Additional sectors such as Consumer Durables, FMCG, Metal, and Oil saw minor downturns.
In the broader market, the BSE SmallCap index dropped by 2.19 percent, and the BSE MidCap index fell by 0.51 percent.
On January 27, both the Sensex and Nifty50 closed lower. The Sensex lost 824 points, or 1.1 percent, settling at 75,366, while the Nifty50 fell by 263 points, or 1.1 percent, to end at 22,829.
This marked the lowest closing level for both indices since June 6 of the previous year.
