Indian markets rebound from day's low led by metals and banking stocks
The stock market on Friday closed in green, erasing all the losses it made in the opening session
ANI
Oct 18, 2024 16:47 IST
Mumbai (Maharashtra) [India], October 18 (ANI): The stock market on Friday closed in the green, erasing the losses it made in the opening session.
At the end of the trading day, Nifty 50 closed at 24,854.05, up 104 points or 0.42 per cent. The Sensex BSE was at 81,224.75, up 218.14 points or 0.27 per cent.
During the trading day on National Stock Exchange (NSE), all the sectors except FMCG, IT, oil and gas traded in green. The sectoral stocks of IT remained the top loser during the trading hours.
The sectoral performance varied, with the Nifty Private Bank index advancing, and both the Nifty Metal and Nifty Bank indices were up.
"After the morning sell-off, the market bounced from the oversold level driven by selective buying in financials, auto and metals stocks. Initial set of results from private banks were positive, building an expectation that the upcoming set of financial results in the weekends will also be optimistic. The metals also performed well, benefiting from a slightly better-than-expected growth in China's Q3 GDP.Consecutive rate cuts by the ECB supported rate sensitive stocks," said Vinod Nair, Head of Research, Geojit Financial Services.
"Data shows that FIIs have been continuous sellers over the month of October and the selling pressure has been absorbed by DIIs. The Hyundai IPO was major event of this week that received a tepid response," said Shriram Subramanian, Founder and MD, InGovern Research Services
At the close of the day, the stocks of Axis Bank Wipro, Eicher Motors, ICICI Bank, Shriram Finance were the top gainers while Infosys, Asian Paints, Britannia, Nestle India, and Tech Mahindra were the top losers in the market.
The stock market opened down because of the record selling by foreign investors throughout the month. However, the experts suggest that the situation will improve in the coming weeks, anticipating a sharp recovery.
In the Nifty 50 list, 17 stocks declined, while 33 stocks advanced during the trading. (ANI)
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