Sensex, Nifty bounce back to close 1% higher on gains in RIL, Infosys, TCS

Benchmark stock indices Sensex and Nifty rebounded from early lows to close over 1% higher on March 22, helped by heavy buying in index heavyweight Reliance Industries, Infosys and TCS amid gains in global equities.

The 30-share BSE Sensex closed up by 696.81 points or 1.22% at 57,989.30. It touched a high of 58,052.87 and a low of 56,930.30 in intra-day trade. It rallied 760.38 points or 1.32% during the day.

The broader NSE Nifty climbed 197.90 points or 1.16% to finish at 17,315.50.

From the 30-share pack, Tech Mahindra, Reliance Industries, Bajaj Finserv, ITC, TCS, Indusind Bank, Kotak Mahindra Bank, Infosys and Power Grid were the biggest gainers.

In contrast, Hindustan Unilever Limited, Nestle India, NTPC, and Sun Pharma were the laggards.

“The domestic market started with a negative bias taking cues from rising crude prices and hawkish signals from Fed on aggressive policy tightening. However, the trend reversed as European markets opened on a positive note buoyed by hope that Ukraine may consider working towards a truce,” said Vinod Nair, Head of Research at Geojit Financial Services.

On Monday, the Sensex plunged 571.44 points or 0.99% to settle at 57,292.49. The Nifty declined by 169.45 points or 0.98% to finish at 17,117.60.