Sensex, Nifty recover after steep declines
By : Ravi Ranjan Prasad
Update: 2024-05-13 18:41 GMT
Mumbai: Rising volatility in the market has left many investors worried about their investments and on Monday, Sensex and Nifty-50 were down more than one per cent in the morning trade but later recovered to close in the green.
Volatility index India VIX rose 11.52 per cent to 20.60 at market close, it touched a two year high of 21.49 in the early trade.
The Sensex fell below 72,000 mark as it touched a low of 71,866.01 down by 798.46 points while Nifty-50 touched a low of 21,821.05, down by 234.15 points on foreign invest-ors selling. However, later in the day buying from domestic institutions helped the Sensex close 111 points or 0.15 per cent up at 72,776 while Nifty-50 closed at 22,104 up 48.85 points or 0.22 per cent.
“Markets were extremely volatile and gyrated nearly 1,000 points before ending with modest gains on selective buying in banking, IT, capital goods and realty shares. The positive take away was that Nifty ended above the psychological 22,100 mark, aided by sluggish WTI oil prices and investors reinforcing bets for Federal Reserve’s Sept. interest rate cuts,” said Prashanth Tapse, Senior VP-Research, Mehta Equities.
FPIs were yet again net sellers of equities worth RS 4,498.92 cr while domestic institutions were net buyers by RS 3,562.75 crore. “Weak global cues, unimpressive Q4 earnin-gs, and selling by foreign investors are weighing on the market,” said Trivesh D, COO, Tradejini.