sensex update on april 6, 2021

After starting on a weak note, the equity benchmark Sensex rebounded by over 300 points in early trade on Tuesday, gaining over the index heavyweight HDFC twins, Infosys and ICICI Bank.

The 30-share BSE index surpassed its initial loss and lost 313.14 points, or 0.64 percent, to 49,472.46, and the broader NSE Nifty rose 99.80 points, or 0.68 percent, to 14,737.60 points.

In the Sensex pack, Powergrid topped M&M, NTPC, IndusInd Bank, Bajaj Finance, Sun Pharma, Dr Reddy’s, ICICI Bank, HDFC Duo and Infosys with a gain of over 2 per cent.

On the other hand, Titan was the only one alone.

The Sensex lost 870.51 points or 1.74 percent at 49,159.32 and the Nifty closed 229.55 points or 1.54 percent at 14,637.80 in the previous session.

Foreign Institutional Investors (FIIs) were net sellers in the capital market as they closed shares worth Rs 931.66 crore as per exchange data on Monday.

According to VKVijayakumar, chief investment strategist at Geojit Financial Services, an important fundamental factor from the market point of view is that the US and China are leading the global economic recovery. This is likely to translate into income growth, especially in emerging markets like India.

“An important market trend in India is the outperformance of the small-midcap indices. While the Nifty is 4.7 percent YTD. The small and midcap indices are up 14 percent and 15 percent respectively. This outperformance is likely to continue since then.” There is more value in this segment, ”he said.

In addition, he said that the increase in COVID-19 cases is a matter of concern, but it is unlikely to have a large economic impact.

Elsewhere in Asia, mid-session deals in Shanghai, Seoul and Tokyo were trading on negative notes.

Binod Modi, Head – Strategy, Reliance Securities, said the sharp rise of the Dow and the S&P 500 in US equities was seen, as investors were comforted by the continued improvement in key economic data.

Meanwhile, global oil benchmark Brent crude was trading up 0.85 percent at $ 62.68 a barrel.