New Delhi,sep 25:
Market benchmark Sensex on Tuesday rebounded 347 points to end its five-day losing streak helped by value buying in banking and FMCG stocks after recent heavy losses.The 30-share index closed at 36,652.06, up by 347.04 points or 0.96 per cent in a volatile trade. It touched a high of 36,705.79 and a low of 36,064.10 in day trade. The gauge had lost 1,785.62 points in the previous five sessions. The 50-share NSE Nifty ended sharply higher by 100.05 points, or 0.91 per cent, at 11,067.45 points.Intra-day, it shuttled between 11,080.60 and 10,882.85. Benchmarks halted their five-session rout on Tuesday as participants returned to buying mode, accumulating ered pharma, banking and FMCG stocks.
Moreover, mixed Asian cues and a firming trend in European markets largely on the back of strong earnings accelerated buying activity towards the fag-end.
The session was marked by volatility and stock-specific action, even as the overall sentiment remains weak as a fresh round of US-China tariffs and a surge in oil prices to near four-year highs added to worries about risks to global growth, brokers said.The BSE has some reviews and modifies its composition to be sure it reflects current market conditions. The index is calculated based on a free float capitalisation method, a variation of the market capitalisation method. Instead of using a company’s outstanding shares it uses its float, or shares that are readily available for trading. Free Floating capital implies total capitalization less Directors shareholding. As per free float capitalisation methodology, the level of index at any point of time reflects the free float market value of 30 component stocks relative to a base period. The market capitalisation of a company is determined by multiplying the price of its stock by the number of shares issued by corporate actions, replacement of scrips.The rupee also pared initial losses to trade 5 paise higher at 72.58 against the dollar (intra-day). Covering-up of short positions by speculators ahead of September month expiry in the derivatives segment on Thursday also helped the market stage a smart rally.Meanwhile, domestic institutional investors (DIIs) made purchases worth Rs 1,527.67 crore while foreign portfolio investors (FPIs) sold shares worth a net Rs 523.94 crore Monday, as per provisional data.
