Market Rebounds: Sensex Jumps 617 Pts as Oil Softens & FMCG Boosts

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Market Rebounds: Sensex Jumps 617 Pts as Oil Softens & FMCG Boosts

By Malvika Gurung -- The domestic equity indices rebounded on Wednesday, attempting to pare the previous session’s losses amid concerns over a global economic slowdown. The benchmark indices recorded one-month highs in the day as most sectors posed a smart rebound.

A slide in oil prices boosted FMCG stocks and instilled optimism regarding the recessionary pressures among investors, while banking, auto and realty sectors helped lift the market sentiment. 

Headline indices Nifty50 gained 1.13% and Sensex jumped 616.62 points or 1.16% on Wednesday, and the 30-scrip index posted its best session in two weeks.

“Softening crude oil prices, FIIs repositioning to net buyers and strong business data from lenders tempered optimism in domestic equities. Crude prices fell over recessionary fears, however, the fall has boosted the appetite for consumption, chemicals, logistics and OMCs as it will reduce the cost burden of these sectors,” said Vinod Nair of Geojit Financial Services.

Among sectoral indices listed under the Nifty basket, Nifty FMCG jumped the most, followed by Nifty Auto and Nifty Realty, while all the indices ended in the green.

40 out of 50 Nifty-listed stocks ended the session with gains, led by Bajaj Finance (NS: BJFN ), Bajaj Finserv (NS: BJFS ) and Britannia Industries (NS: BRIT ), while ONGC (NS: ONGC ) tanked the most up to 5%.

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