Mumbai: Market snapped a five-day losing streak after Credit Suisse’s crisis seemed to have eased on getting $54-billion liquidity support from Swiss National Bank as it helped to calm global markets, and the domestic markets also closed with small gains after a sharp intra-day dip.
European markets traded in the green gaining upto one per cent after Credit Suisse shares soared upto 30 per cent on Swiss Central Bank’s bailout package but gains seemed to be withering as the day progressed. Asian markets closed in the red impacted by overnight fall in global markets.
After a highly volatile day, the Sensex recovered from day’s low of 57,158.69 to close at 57,634.84 up just 0.14 per cent or 78 points. Nifty-50 closed at 16,985.60 up 13.45 points or 0.08 per cent after an intra-day fall to 16,850.15.
“Nifty-50 rebounded from the brink of a technical correction as it fell 10 per cent from the recent high which is also the all time high. At close, but broader market indices ended in the negative,” said Deepak Jasani, head of retail research, HDFC Securities.
A fall in global crude oil price led to gains in shares of companies in areas like oil marketing, cement, paint and FMCG.
Domestic institutions seemed to have lapped up the beaten down shares of these companies as they were net buyers of equities worth ₹2,051.45 crore. But foreign investors were still booking profit with ₹282.06 crore net selling.
The gainers on NSE included BPCL (6.02 per cent), Hindustan Petroleum Corporation (6.53 per cent), Asian Paints (2.45 per cent), Berger Paints (2.28 per cent), HUL (2.45 per cent), Nestle (2.29 per cent), Ambuja Cement (5.16 per cent).
