Nifty ends 10-day losing streak: Good time to enter market?
What's the story
The Indian stock market staged a remarkable recovery today, with the Nifty 50 index climbing 1.15% to 22,337.
It ended its 10-day losing streak—the longest since 1996. Sensex also ended the session with a 1% gain, closing at 73,730 points. This was their biggest intraday jump since February 4.
All major sectoral indices ended in the green today, led by strong gains in metal, IT media and auto stocks.
Sectoral gains
Market recovery driven by strong sectoral performance
The market's recovery was broad-based, with all 13 major sectoral indices ending in the green.
This was a stark contrast from previous sessions, where mixed sectoral performance kept frontline indices under pressure.
A positive economic outlook set by China triggered a strong rally in metal stocks, while IT stocks attracted buying interest after a prolonged sell-off had pushed them to an eight-month low.
Media and auto stocks also rebounded sharply, contributing to the overall market recovery.
Stock highlights
Nifty 50 performance and sectoral contributions
Out of the 50 constituents in the Nifty 50 index, 45 ended in the positive territory.
Adani Ports & SEZ emerged as the top gainer, rallying by an impressive 5%.
It was followed by Tata Steel, Adani Enterprises, M&M, Power Grid Corporation and NTPC- all of which closed with gains of over 4%.
Other auto stocks including Tata Motors Eicher Motors and Hero MotoCorp ended the trade with gains ranging between 2%-3.6%.
Market performance
Broader markets outperform front-line indices
The broader markets beat the front-line indices with the Nifty Midcap 100 index jumping 2.38% to close at 49,148 points while the Nifty Smallcap 100 index gained similar 2.9% to end at an impressive 15,190 points.
On the National Stock Exchange (NSE), 14 stocks were locked at a 20% upper circuit limit including Quadrant Future Tek Man Industries Arihant Capital Markets and Ganesh Infraworld.
Over 276 stocks touched their respective upper circuit limits ranging up to 10%.