Sensex rebounds 580 pts from days low to end 79 points higher on gains in RIL, Infosys
India's wholesale inflation had contracted 4.12% in June, data showed on Monday. On a month-on-month basis, the index stood at 1.95%. The 30-share BSE benchmark Sensex recovered 580 pts from day's low and ended 79 points or 0.12% higher at 65,401.
The broader NSE Nifty rose 6 points or 0.03% to settle at 19,434. From the Sensex pack, Reliance Industries, Infosys, HUL, ICICI Bank, L&T, and Asian Paints closed higher, whereas JSW Steel, SBI, Tata Steel, and Bajaj Finserv ended with cuts. All Adani Group stocks closed in the red on Monday after auditing firm Deloitte resigned as auditor of Adani Ports.
Shares of Gautam Adani's flagship entity Adani Enterprises declined 3.5%, while Adani Ports closed 2.2% lower. Meanwhile, Adani Green Energy, Adani Power, Adani Transmission, Adani Total Gas, Adani Wilmar, Ambuja Cement, ACC, and NDTV also ended in the red. Sector-wise, Nifty Metal declined 2.14%, and Nifty PSU Bank fell 0.71%.
Whereas Nifty FMCG, Nifty IT, and Nifty Media ended higher. In the broader market, Nifty Midcap100 dropped 0.17%, and Smallcap100 plunged 0.73%. The market breadth was skewed in favour of bears.
About 2,171 stocks declined, 1,554 gained, and 170 remained unchanged on the BSE.Experts’ Take «Following weak performances in Asian markets, the domestic indices commenced the day with a negative bias, prompted by discouraging domestic industrial data along with concerns over demand from China. However, the indices managed to recover from their initial losses, ending the day on a relatively neutral note,» said Vinod Nair, Head of Research at Geojit Financial Services. India's wholesale inflation persisted in negative territory, albeit moderating to -1.36%, as the decline in fuel prices was counterbalanced by
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