Sensex, Nifty bounce back to close 1% higher on gains in RIL, Infosys, TCS

Benchmark stock indices Sensex and Nifty recovered from early lows and closed more than 1% higher on March 22, aided by hefty buys in index heavyweight Reliance Industries, Infosys and TCS amid gains in global equities.

The 30-share BSE Sensex closed with 696.81 points or 1.22% at 57,989.30. It reached a high of 58,052.87 and a low of 56,930.30 in intra-day trading. It rose 760.38 points or 1.32% during the day.

The wider NSE Nifty climbed 197.90 points or 1.16% to finish at 17,315.50.

Among the pack of 30 stocks, Tech Mahindra, Reliance Industries, Bajaj Finserv, ITC, TCS, Indusind Bank, Kotak Mahindra Bank, Infosys and Power Grid were the biggest winners.

By contrast, Hindustan Unilever Limited, Nestle India, NTPC and Sun Pharma were the laggards.

“The domestic market started off with a negative bias, reflecting rising crude oil prices and aggressive signals from the Fed about aggressive policy tightening. However, the trend reversed as European markets opened positively, buoyed by hopes that Ukraine might consider moving towards a ceasefire,” said Vinod Nair, head of research at Geojit Financial Services.

On Monday, the Sensex fell 571.44 points or 0.99% to settle at 57,292.49. The Nifty fell 169.45 points or 0.98% to end at 17,117.60.

Stock exchanges in Shanghai, Seoul, Hong Kong and Tokyo ended with significant gains. Stocks in the US ended the overnight session on a negative note.

Meanwhile, the international oil benchmark Brent crude fell 1.57% to $113.8 a barrel.

Foreign institutional investors (FIIs) were net sellers in the capital market as they sold shares worth ₹2,962.12 crore on Monday, according to stock market data.

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