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Markets indices bounce back as crude prices soften
BSE Sensex
Sensex, Nifty rebound over 1% on buying in financials, FMCG shares; FIIs became net purchasers on July 5 for the first time since May 30 as they bought shares worth `1,295.84 cr
Mumbai: Benchmark stock indices Sensex and Nifty rebounded over one per cent on Wednesday following buying in FMCG, financials and auto stocks amid softening crude oil prices and foreign funds turning net buyers of domestic equities after a long gap. The 30-share BSE barometer climbed 616.62 points or 1.16 per cent to settle at 53,750.97 as 25 of its shares ended in the green.
During the day, it rallied 684.96 points or 1.28 per cent to 53,819.31. The NSE Nifty shot up 178.95 points or 1.13 per cent to 15,989.80 with 40 constituents posting gains.
"Softening crude oil prices, FIIs repositioning to net buyers and strong business data from lenders boosted domestic equities. Crude prices fell sharply by 10 per cent on Tuesday which boosted the appetite for consumption, chemicals, logistics and OMCs as it will reduce the cost burden of these sectors," said Vinod Nair, head (research) at Geojit Financial Services.
"According to preliminary data made public on the NSE, FIIs became net purchasers on July 5 for the first time since May 30, purchasing shares worth Rs 1,295.84 crore," said Mohit Nigam, head (PMS) at Hem Securities.
In the broader market, the BSE midcap gauge jumped 1.76 per cent and smallcap index climbed 0.94 per cent. Among the BSE sectoral indices, auto jumped 2.73 per cent, followed by consumer discretionary goods & services (2.47 per cent), FMCG (2.45 per cent), consumer durables (2.42 per cent) and realty (2.39 per cent).
