Market Rebound: Sensex and Nifty 50 Recover from Day’s Low with Private Banks and Pharma Leading the Way

The Indian stock market witnessed a significant recovery on Thursday, with the BSE Sensex rising 376.85 points, or 0.51 per cent, to 74,360.03 at 12.33 pm, after falling to an intraday low of 73,518.75 earlier in the day.

Market Rebound: Sensex and Nifty 50 Recover from Day’s Low

The Nifty 50 gained 101.85 points, or 0.44 per cent, to 23,316.80 after opening lower at 23,104.40. The Sensex rebounded nearly 861 points to 74,380.22 from the day’s low of 73,518.75 during the session, while the Nifty 50 climbed over 250 points to 23,324.25.

Private Banks and Pharma Lead the Recovery

Sectoral performance remained mixed, with Nifty Private Bank and Nifty Pharma emerging as the top gainers, advancing more than 1 per cent each. However, the Nifty IT index continued to underperform, declining 1.33 per cent.

Market Impact: Broader Markets Lag Benchmarks

• The Nifty Midcap 100 declined 0.40 per cent, while the Nifty Smallcap 100 slipped 0.26 per cent.
• In the midcap segment, Vodafone Idea, IRCTC, MCX, Mankind Pharma, and IndusInd Bank gained 1-4 per cent.
• Among smallcaps, Aegis Logistics, Wockhardt, and Gland Pharma surged 4-13 per cent, while Ola Electric, MRPL, Afcons Infrastructure, and Zensar Technologies declined 3-4 per cent.

Key Takeaways

• The BSE Sensex rose 376.85 points, or 0.51 per cent, to 74,360.03 at 12.33 pm.
• The Nifty 50 gained 101.85 points, or 0.44 per cent, to 23,316.80.
• The Nifty Private Bank and Nifty Pharma indices advanced more than 1 per cent each.

FAQs

What triggered the market rebound on Thursday?

The market rebound was triggered by gains in private banking and pharmaceutical stocks.

Which sectors underperformed during the session?

The Nifty IT index continued to underperform, declining 1.33 per cent.

What is Citi’s revised Nifty target?

Citi lowered its Nifty valuation multiple to 18 times from 19 times earlier and trimmed its Nifty target to 26,000 from 27,000.

Conclusion

The Indian stock market witnessed a significant recovery on Thursday, with the BSE Sensex rising 376.85 points, or 0.51 per cent, to 74,360.03 at 12.33 pm. The market rebound was triggered by gains in private banking and pharmaceutical stocks. However, the broader market lagged benchmarks, with the Nifty Midcap 100 declining 0.40 per cent and the Nifty Smallcap 100 slipping 0.26 per cent. Investors are advised to stay cautious and monitor market developments closely.