Sensex jumps 268 points after initial fall; Skillful climbs over 16,600 levels

Tata Steel, Axis Bank, Bajaj Finance, Sun Pharma and Bajaj Finserv were among the winners

Tata Steel, Axis Bank, Bajaj Finance, Sun Pharma and Bajaj Finserv were among the winners

Benchmark indices Sensex and Nifty opened subdued on Friday, tracking weak global markets but regained lost ground within minutes to trade for substantial gains.

The 30-stock BSE Sensex opened weak, falling 414.44 points on opening trades to 55,049.95. But within minutes he recouped all his losses, climbing 268.39 points to 55,732.78.

Similarly, the broader NSE Nifty fell 124 points to 16,470.90 in early trade. Buying soon followed and the 30-stock index was up 70.70 points at 16,665.60.

From the 30-stock Sensex package, Tata Steel, Axis Bank, Bajaj Finance, Sun Pharma and Bajaj Finserv were among the gainers, while Maruti Suzuki India, Nestle, Infosys and Wipro, among others, traded lower.

In previous trade, the Sensex ended at 55,464.39, up 817.06 points, or 1.50%. Similarly, the Nifty rose 249.55 points, or 1.53%, to close at 16,594.90.

Stock exchanges in Hong Kong, Tokyo and Shanghai all traded lower during mid-trade.

The US stock exchanges leveled off on Thursday in the red.

The BJP, bulldozing a resurgent rainbow coalition led by the Samajwadi party, stormed back to power in Uttar Pradesh on Thursday, also retaining Uttarakhand, Manipur and Goa, while Arvind Kejriwal’s AAP clinched a stellar victory in Punjab by a three-quarters majority, pulverizing its rivals .

Meanwhile, international oil benchmark Brent fell 0.36% to $108.90 a barrel.

Overseas institutional investors continued their selling spree in Indian markets as they sold ₹1,981.15 crore of shares on a net basis, according to stock market data on Thursday.

“The global stock market tumbled on Thursday as key peace talks between Russia and Ukraine stalled. As a result of BJP’s triumph, the market gained confidence. However, with the ECB and Fed meetings coming up in the coming days, caution is advised,” said Mohit Nigam, Head – PMS, Hem Securities.

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