The BSE Sensex witnessed a dramatic rebound on Tuesday as it broke into the green after recovering over 200 points. The broader Nifty regained the key 6,000 levels, after falling below 5,950 in early trade.
Anil Manghnani of Modern Shares and Stock Brokers told NDTV that markets are oversold in the short term and leading to a short covering rally.
"Given the fact that the Bank Nifty is close to support, some sanity is expected," he added.
The Bank Nifty traded with over 0.7 per cent gains after earlier falling by as much as 1.5 per cent. Metal stocks were off day's low, while realty, auto and FMCG stocks saw small gains.
Telecom stocks, which saw huge selling pressure on Monday, rebounded. Bharti Airtel was the top Nifty gainer, up 3 per cent. Tata Motors, which had been under huge selling pressure, edged 2.6 per cent higher. State-run lenders such as Bank of Baroda and SBI saw buying interest.
However, tech stocks continued to be the worst performers. HCL Tech was down 3.6 per cent, while TCS traded 2.5 per cent lower.
Earlier, markets fell to their lowest in nearly four months, with both Sensex and Nifty breaking below key support levels. The BSE Sensex slipped below the key 20,000 levels driven by fears of an economic slowdown in China and the Federal Reserve's gradual wind down of monetary stimulus.
Anil Manghnani of Modern Shares and Stock Brokers told NDTV that markets are oversold in the short term and leading to a short covering rally.
"Given the fact that the Bank Nifty is close to support, some sanity is expected," he added.
The Bank Nifty traded with over 0.7 per cent gains after earlier falling by as much as 1.5 per cent. Metal stocks were off day's low, while realty, auto and FMCG stocks saw small gains.
Telecom stocks, which saw huge selling pressure on Monday, rebounded. Bharti Airtel was the top Nifty gainer, up 3 per cent. Tata Motors, which had been under huge selling pressure, edged 2.6 per cent higher. State-run lenders such as Bank of Baroda and SBI saw buying interest.
However, tech stocks continued to be the worst performers. HCL Tech was down 3.6 per cent, while TCS traded 2.5 per cent lower.
Earlier, markets fell to their lowest in nearly four months, with both Sensex and Nifty breaking below key support levels. The BSE Sensex slipped below the key 20,000 levels driven by fears of an economic slowdown in China and the Federal Reserve's gradual wind down of monetary stimulus.
0 comments:
Post a Comment