Sensex rebounds 600 points on bottom fishing; buy bank, IT stocks, say analysts

Why is Sensex rising, Sensex rise today, Nifty rise today, IT stocks, Bank stocks, What to buy amid market correction

NEW DELHI: Indian bluechip indices were trading with gains on Tuesday as traders came back to buy stocks at a lower level after two days of sharp fall. Bank and metals stocks bounced the most while pharma continued to be subdued.

The main trigger for the market fall in the recent couple of months has been the relentless selling by FIIs, analysts said. But they added it is a good time to buy quality stocks for the medium to long term.

“The underperformance of banking is bound to change since asset quality concerns have receded and credit growth is picking up. So, investors can utilise this correction to buy high-quality banking stocks. IT, which is in a multi-year upcycle, presents another good buying opportunity during this correction,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

How are bluechips doing

After opening in the green, benchmark indices extended gains. At 10.06 am, BSE flagship Sensex was up 624 points or 1.10 per cent at 57,372. NSE benchmark Nifty gained 172 points or 1,02 per cent to 17,084.

In the 50-share pack Nifty, Hindalco Industries was the biggest gainer, up 2.61 per cent. Tata Steel, JSW Steel, Kotak Mahindra Bank, Axis Bank, Adani Ports and Tata Motors were among other gainers.

Dr Redddy’s Labs was the top loser in the pack, down 0.73 per cent. Cipla, Divi’s Labs, Sun Pharma and SBI Life Insurance were among other stocks that traded in the red.

FACTORS DRIVING MARKETS

China fires growth engine: The People’s Bank of China said on Monday it would cut the amount of cash that banks must hold in reserve, its second such move this year, releasing the funds in long-term liquidity to bolster slowing economic growth.

Dollar, yields steady: The dollar index steadied, hanging on to an overnight jump made with US yields as investors hoped early signs the Omicron variant may be mild will be proved correct.

Inflation warning: Bank of England Deputy Governor Ben Broadbent said on Monday that inflation in Britain might “comfortably exceed” 5 per cent in April and that the country’s tight labour market risked becoming a more persistent source of inflation.

Fauci’s soothing comment: Omicron has spread to about a third of U.S. states, but the Delta version accounts for the majority of COVID-19 infections in the United States, health officials said on Sunday. Dr Anthony Fauci, the top US infectious disease official, told CNN it does not look like Omicron has a “great degree of severity.”

Broader markets

Broader market indices were trading higher, underperforming their headline peers in morning trade. Nifty Smallcap was up 1.16 per cent while Nifty Midcap rose 0.58 per cent. Broadest index on NSE, Nifty 500 was up 0.70 per cent.

Indian Hotel, National Aluminium, Hindustan Copper, MMTC, HFCL and Indiabulls Housing Finance were gainers from the space while KEI Industries, VIP Industries, Happiest Minds, L&T Tech Services, Vodafone Idea and Endurance Tech were under selling pressure.

Global markets

MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.6 per cent after declining on Monday to the lowest level in one year. The benchmark has lost 6 per cent so far this year, with Hong Kong markets figuring among the big losers, while Indian and Taiwanese stocks outperformed.

On Tuesday, Australia’s S&P/ASX200 rose 0.5 per cent, while Japan’s Nikkei advanced 1.1 per cent as risk-on sentiment pushed U.S. stocks higher. China’s CSI300 index gained 0.7 per cent and Hong Kong’s Hang Seng Index advanced 1.3 per cent as the central bank freed up $188 billion in liquidity through policy easing.

News Related

OTHER NEWS

Was wir aus Dänemark über die neue Omikron-Variante BA.2 wissen in 5 Punkten

© HENNING BAGGER/keystone-sda.ch In Dänemark schnellen die Fallzahlen wieder in die Höhe. Tests werden auch in den nächsten Tagen viele gemacht werden. Eine neue Omikron-Variante sorgt in Dänemark für explodierende ... Read more »

Half-term holiday boost as Covid tests for returning vaccinated travellers to be scrapped from February 11

Covid tests for vaccinated travellers heading to England will be scrapped in time for February half-term. Transport Secretary Grant Shapps confirmed the new rules would come into place from 4am ... Read more »

US military used Lana Del Rey quote to recruit people and right-wingers got mad

© Provided by Indy 100 Lana Del Rey says ‘madness’ of Donald Trump presidency was necessary to … The US army’s Twitter page recently used a quote from singer Lana ... Read more »

Kosovo tightens COVID measures for people entering country

PRISTINA, Kosovo — Kosovo on Monday tightened COVID-19 measures for people coming into the country amid a surge in coronavirus infections. The Health Ministry said that if people coming into ... Read more »

World's strongest boy who could do 4,000 push ups aged 7 is UNRECOGNISABLE nine years on

THE world's strongest boy who could do 4,000 back-to-back push-ups aged just seven looks unrecognisable nine years on. Andrey Kostash's set a new world record in 2012 by completing the ... Read more »

Inside the eerie rise of Witchtok as TikTokers share spells to hex cheating exes

TikTok user Thee Muses are popular among Witchtokers (pictured right). TikTok Here’s a look inside the eerie rise of Witchtok as TikTokers across the globe are sharing spells to hex ... Read more »

Peloton Smacks Down Showtime's Billions After Another Unflattering Portrayal

Showtime Warning: This article contains spoilers for the most recent episode of “Billions” It turns out that if you want to try and kill off a TV character lately, you ... Read more »

Why is it the ‘best time' to pursue creative fields amid pandemic?

MANILA, Philippines — There are several reasons why it is still relevant to study courses in the creative industry despite the slowdown of the entertainment business amid the health crisis. ... Read more »

Video showing Cristiano Ronaldo was 'robbed' of 2012 Ballon d'Or might actually change opinions

Cristiano Ronaldo now trails Lionel Messi by two in their head-to-head Ballon d’Or competition. Not everyone agreed with Messi’s triumph in November, which came after he helped Argentina win the ... Read more »

Derby County administrators poised for crunch talks with Football League to resolve club's future

© PA Pride Park – Derby County administrators poised for crunch talks with Football League to resolve club’s future – PA Derby’s administrators are set to hold crunch talks with ... Read more »

Chris Waugh: NUFC could make late move for £11.7m-rated star who produced masterclass v Man City

© Provided by Transfer Tavern Champions League – Group H – RB Leipzig v Paris St Germain Idrissa Gueye is one of the players that Newcastle United could try to ... Read more »

Hibs closing in on signing of former Hearts defender Demetri Mitchell

© Demetri Mitchell had two spells at Hearts on loan from Manchester United. Picture: SNS The former Hearts player, who can play either at full-back or on the wing, was ... Read more »

Sheffield United turn transfer attention towards two Liverpool players

© Provided by Football League World Carabao Cup – Third Round – Brighton & Hove Albion v Swansea City Sheffield United are keen to ensure they can compete in the ... Read more »

David Moyes steps up West Ham transfer efforts with a new defender and striker wanted before the deadline

© PA davidmoyeswestham24012022A.jpg David Moyes will step up efforts to land a striker and defender this week as West Ham look to hang on in the top-four race. A last-gasp ... Read more »

JLS star JB Gill breaks his silence after thugs sprayed him in the face in terrifying 3am raid

JLS star JB Gill has broken his silence on the terrifying raid on his family home which took place in his £1.5m farmhouse. The singer has been trying to take ... Read more »

Prosecutor: 3 officers stood by as Chauvin killed Floyd

ST. PAUL, Minn. (AP) — A prosecutor told jurors that three former Minneapolis police officers charged with violating George Floyd’s civil rights did nothing to intervene as fellow officer Derek ... Read more »

Biden to speak with European leaders to discuss Russia-Ukraine tensions

© Reuters/JONATHAN ERNST FILE PHOTO: U.S. President Biden makes remarks at the U.S. Conference of Mayors 90th Winter Meeting in Washington (Reuters) – U.S. President Joe Biden will speak with ... Read more »

No anticipatory bail for MU V-C in graft case

© Provided by Hindustan Times Magadh university in Bihar’s Bodh Gaya (HT Photo) PATNA A special vigilance court in Patna on Monday rejected the anticipatory bail plea of Magadh University ... Read more »

Virginia school districts sue over Youngkin order making masks optional

Seven Virginia school districts are suing new Governor Glenn Youngkin over his executive order allowing parents to opt their children out of locally imposed school mask requirements.  © Steve Helber ... Read more »

Mögliche Ursache gefunden: Darum ist Omikron milder im Verlauf

Inzwischen ist klar: Omikron hat einen milderen Verlauf als andere Corona-Varianten. Forscher in Deutschland machten sich auf die Suche nach einer mögliche Ursache – und wurden fündig. © Bereitgestellt von ... Read more »

El Salvador president posts meme wearing McDonald's uniform after crypto plunge

El Salvador President Nayib Bukele posted a photo on his Twitter account showing him wearing a McDonald’s employee uniform. El Salvador’s crypto-enthusiast president appears to be taking the recent steep ... Read more »

Eli Apple torpedoes Giants, Saints in unfiltered tweetstorm

Bengals cornerback Eli Apple wrapped up his playoff weekend by dumping on his former teams. Apple, who was drafted 10th overall by the Giants in 2016 before being traded to ... Read more »

Dancing On Ice fans all have the same complaint after being left feeling dizzy and unable to watch

DANCING On Ice fans all had the same complaint after being left feeling dizzy and unable to watch during last night's show. The second episode of the ITV programme aired ... Read more »

Urgent hunt launched for missing teen girl, 17, who is ‘at risk of harm' after she vanished six days ago

POLICE are on the hunt to find a missing teenage girl who is “at risk of harm” after she disappeared less than a week ago. Sydnee, who is 17 and ... Read more »

Cold War hots up as US sends arms to Ukraine, mulls sending troops to region

© Provided by The Times of India WASHINGTON: Washington’s Cold War with Moscow that was thought to have ended 30+ years ago has heated up dramatically. The United States and ... Read more »

A new lawsuit accuses Google of sneakily tricking people into letting it track their location data

© Provided by Business Insider Google CEO Sundar Pichai speaking during a Google event in California in 2016. Justin Sullivan/Getty Images Four attorneys general are suing Google, alleging it deceptively ... Read more »

Committee to discuss Bill to introduce paid work leave for domestic violence victims

The equality committee is to discuss a Bill to introduce paid work leave for victims of domestic violence. The legislation, put forward by Sinn Fein’s Louise O’Reilly, would give domestic ... Read more »

Meet the typical Target shopper, a millennial suburban mom with a household income of $80,000

© Jessica Rinaldi/Reuters Jessica Rinaldi/Reuters Target has more than 1,897 stores in the US, and makes over $92 billion in annual sales. The Minneapolis-based retailer has higher than average customer ... Read more »

OPINION - The Leader podcast: Road users' hottest new move for 2022 is the ‘Dutch reach'

© PA Archive The official Highway Code book (PA) – PA Archive It’s the hottest new driving manoeuvre you’ve probably only just heard about. But what is the ‘Dutch reach’ ... Read more »

DCI MoU with Abu Dhabi company NMDC

© Provided by The Times of India VISAKHAPATNAM: The Development Advisor (Ports) from ministry of ports shipping and waterways HN Aswath stated that the Dredging Corporation of India (DCI) and ... Read more »

Wellington School visit over controversial housing plan appeal

© The site of the former Wellington School, near the village of Howgate. Midlothian councillors refused planning permission for housing at the former Wellington School, near the village of Howgate, ... Read more »

Global stock markets dive as fears of Ukraine conflict rattle investors

© Provided by The Guardian Photograph: Brendan Hoffman/Getty Images Global stock markets have fallen sharply as fears of military conflict in Ukraine sent shares sliding. European markets tumbled by 4% ... Read more »

Edinburgh Gaelic secondary school: parents' opposition to latest proposals persuades councillors to have more talks

© A new joint campus at Liberton was the council’s recommended option for the location of a Gaelic sec… Let us know what you think and join the conversation at ... Read more »

Bihar minister's son among 7 booked after Bettiah clash

© Provided by Hindustan Times Bihar tourism minister Narayan Prasad. (HT Photo) Seven people, including Bihar tourism minister’s son Niraj Kumar and brother Harendra Prasad, have been booked in connection ... Read more »

COVID-19: Hospitalizations back up again in Quebec, 52 new deaths reported

© THE CANADIAN PRESS/Graham Hughes Members of the Canadian Armed Forces are shown at a COVID-19 vaccination site in Montreal, Sunday, January 16, 2022, as the COVID-19 pandemic continues in ... Read more »

Public hearing on tariff: Rs 1,000 crore collected from govt departments by power distribution companies

© Provided by The Times of India VISAKHAPATNAM: The Andhra Pradesh Electricity Regulatory Commission (APERC) chairman Justice CV Nagarjuna Reddy said that Rs 1,000 crore were collected from various government ... Read more »

Covid-19: Maharashtra cases sharply drop to 28,286; 36 more die

© Provided by The Financial Express On Sunday, the state had recorded 40,805 new cases and 44 new cases. (File) Maharashtra on Monday recorded 28,286 fresh coronavirus cases, 12,519 less ... Read more »

Mumbai fire: HC to hear PIL on compliance of safety norms on Feb 7

© Provided by Hindustan Times The bench was told that till 2018, when the PIL was filed, and thereafter, there have been many manmade disasters and a large number of ... Read more »

Sligo Rovers sign 'top-class' former Ireland U21 striker from Scottish side

SLIGO ROVERS HAVE announced the signing of former Republic of Ireland U21 striker Aidan Keena from Falkirk for the 2022 season. The 22-year-old joins from the Scottish side on a ... Read more »

Omicron found in 248 of 280 samples during Mumbai's latest genome sequencing exercise

© Provided by DNA The civic body in Mumbai on Monday said 248 of the 280 samples sent for genome testing have been detected with the Omicron variant of coronavirus, ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic