Markets rebound on last-hour buying

Benchmark Sensex and Nifty staged a dramatic rebound on Monday to settle higher following buying in HDFC Bank, ICICI Bank and Tata Consultancy Services.

Helped by buying at the fagend, the 30-share BSE Sensex closed higher by 111.66 points at 72,776.13. The index opened lower and plummetted further 798.46 points to hit a low of 71,866.01 in day trade.

The NSE Nifty rose by 48.85 points to 22,104.05. The 50-issue rebounded around 310 points from the day’s low of 21,821.05 and hit a high of 22,131.65. From the Sensex basket, Asian Paints, Sun

Pharma, HDFC Bank, Tata Consultancy Services, Axis Bank, Tata Steel, JSW Steel, Larsen & Toubro, ICICI Bank and Power Grid were the major gainers. Tata Motors dropped over 8 per cent despite reporting a over threefold jump in consolidated net profit at ₹17,528.59 crore for the fourth quarter ended

March 31, 2024. NTPC, Bharti Airtel, Titan, State Bank of India and Nestle were the other major laggards.

Vinod Nair, Head of Research, Geojit Financial Services said, “Though the market reversed from the day’s low and ended up with a marginal gain, investors remain concerned over the progressing election and high valuation.”

“VIX’s rise from record lows to above 20 now, has unfolded in just a fortnight’s time. So, while recent history points to more room for upside in VIX and thereby volatility, the abruptness in the rate of change of VIX, may lead to a cool o©, perhaps even before the electoral results,” Anand James, Chief Market Strategist, Geojit Financial Services said.