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Sensex Rebounds After Falling for Two Straight Sessions, BPCL & ICICI Bank Emerge as Top Gainers

Representative image.

Representative image.

The development comes a day after a panel of secretaries approved the privatisation of BPCL and three other PSUs — Shipping Corp of India (SCI), THDC India and Neepco.

New Delhi: The Indian stock market opened with minor gains on Tuesday with Bharat Petroleum Corporation (BPCL) and ICICI Bank emerging as top gainers.

The development comes a day after a panel of secretaries approved the privatisation of BPCL and three other PSUs — Shipping Corp of India (SCI), THDC India and Neepco. The secretaries also cleared the sale of 30 per cent of the government’s equity in Container Corp of India (Concor).

After falling for two straight sessions in a row, the BSE Sensex rebounded over 250 points in opening trade on Tuesday. Likewise, the NSE gauge Nifty rose about 70 points in opening deals.

The 30-share Sensex recovered 250.06 points or 0.65 per cent to trade at 38,917.39. While the broader Nifty was up 69.30 points or 0.60 per cent at 11,543.75 in opening trade. The Sensex gain was led mainly by Yes Bank, Axis bank, ICICI Bank, PowerGrid, Tata Motors and HDFC Bank.

On the other hand, ONGC, Bharti Airtel, TCS, HCL Tech, Infosys and Tech Mahindra were among the the scrips trading in the red. On Monday, the Sensex fell 155.24 points or 0.40 per cent to 38,667.33, while the Nifty dropped 37.95 points or 0.33 per cent to close at 11,474.45.

Investors were cautious in view of reports highlighting governance and structural issues in the financial services space, bringing the financial and banking stocks under immense pressure on Monday.

Meanwhile, the Indian rupee was trading about 10 paise higher at 70.77 against the American currency in morning deals. Foreign investors pulled out Rs 469.40 crore from Indian equity market on Monday, exchange data showed.

Stocks in Asia were mostly higher in early trade on Tuesday. Markets in China and Hong Kong are closed for holidays.


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