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Updated January 24th, 2024 at 11:13 IST

Sensex rebounds 900 points from day's low led by HDFC Bank, Larsen & Toubro

The markets turned highly volatile starting Tuesday's session with Sensex dropping 1,800 points and Nifty dropping below 21,200 after hitting a high of 21,700.

Reported by: Business Desk
Market makes a recovery
Market makes a recovery | Image:Republic World
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Market recovers: The Indian equity benchmarks rebounded from intraday low levels on the back of buying interest in HDFC Bank, Larsen & Toubro, ITC, Hindustan Unilever (HUL), State Bank of India (SBI) and Infosys. 

The markets turned highly volatile starting Tuesday's session with Sensex dropping 1,800 points and Nifty dropping below 21,200 after hitting a high of 21,700. 

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Analysts say that volatility spiked after reports suggested SEBI asked offshore funds to disclose investors' data spooking investors' sentiment.

Meanwhile, in Wednesday's session the Sensex recovered 905 points from day's lowest level and Nifty 50 index touched an intraday high of 21,408 after hitting a low of 21,137.20.

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As of 10:58 am, the Sensex was up 454 points at 70,825 and the Nifty 50 index advanced 143 points to 21,381.

Buying was visible across sectors as all the major sector gauges, barring the measure of real estate shares, were trading higher led by the Nifty Metal index's 1.7 per cent gain. Nifty FMCG, PSU Bank, Pharma, Financial Services, Bank and Oil & Gas indices also rose between 0.6-1.4 per cent.

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Mid- and small-cap shares were also witnessing buying interest as Nifty Midcap 100 index rose 1.1 per cent and Nifty Smallcap 100 index advanced 0.56 per cent.

Dr Reddy's Labs was top Nifty gainer, the stock rose 4 per cent to Rs 5,899. Hindalco, SBI, Britannia, IndusInd Bank, Power Grid, Hindustan Unilever, Tata Steel and Coal India also rose between 1.8-3.8 per cent.

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On the flipside, Asian Paints, Hero MotoCorp, Eicher Motors, Axis Bank, Adani Ports and TCS were among the losers.

The overall market breadth was positive as 2,296 shares were advancing while 1,247 were declining. 

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Published January 24th, 2024 at 11:13 IST

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