Sensex and Nifty bounce back on value buying and blue-chip rally

Mumbai, Nov 19: Equity benchmark indices, Sensex and Nifty, made a strong recovery on Tuesday, snapping a streak of declines, driven by value-buying at lower levels and a rally in key blue-chip stocks such as HDFC Bank, Tech Mahindra, and Mahindra & Mahindra (M&M). Traders noted that continued buying activity from domestic institutional investors also provided support to the indices.

The BSE Sensex, which had been in a downward spiral for four consecutive days, surged by 239.37 points, or 0.31%, to close at 77,578.38. Despite this recovery, a late decline in Reliance Industries capped the market's gains. At one point during the session, the Sensex had rallied as much as 1,112.64 points, or 1.43%, reaching 78,451.65.

Similarly, the NSE Nifty rebounded after a seven-day losing streak, advancing 64.70 points, or 0.28%, to finish at 23,518.50.

Among the top performers in the Sensex pack were Mahindra & Mahindra, Tech Mahindra, HDFC Bank, Titan, Tata Motors, UltraTech Cement, Power Grid, and Infosys. On the flip side, stocks like Reliance Industries, State Bank of India (SBI), Bajaj Finserv, Maruti Suzuki, Tata Steel, and Bharti Airtel saw declines.

In global markets, Asian indices such as those in Seoul, Tokyo, Shanghai, and Hong Kong ended higher, while European markets were trading in the red. The US markets also closed mostly higher on Monday. Meanwhile, global oil prices eased slightly, with Brent crude falling 0.25% to $73.12 per barrel.

The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) will observe a trading holiday on November 20 due to the assembly elections in Maharashtra.