Sensex manages some recovery arresting panic
The Nifty rose around 1 per cent rebounding from its lowest level in a year as markets were seen as oversold.
Strong gains in European markets and buying at lower levels helped Indian markets recover from lower levels.
The rupee also rebounded to 66.07/dollar levels. Further improving the sentiment in domestic markets, a glimmer of hope has emerged on the Goods and Services Tax Bill.
The BSE Sensex, which witnessed its biggest point crash on Monday, started on a bright note, gaining as much as 380 points in opening trade, while the broader Nifty advanced 116 points above 7,900. However, the market pared gains as the session progressed. At 9.44 a.m., Sensex was up 42 points to 25,784 while Nifty edged higher by 15 points to 7,824. But a sharp selloff in China shares later triggered another round of panic selling in equities.
At their day's lows, the Sensex slumped nearly 450 points to 25,298 while the Nifty hit 7,667 - their lowest levels in a year. But sharp gains in major European markets helped Sensex recover from lower levels. Institutional investors bought shares at lower levels, triggering a recovery in Indian markets.
Image: Wikimedia Commons
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
