Sensex stages recovery after falling 300 points in early trade

Sensex stages recovery after falling 300 points in early trade

The correction in the market was witnessed as traders reacted negatively to a report from the University of MI showing a bigger than expected drop in consumer sentiment in the month of April.

On the NSE, the top gainers were Cipla, Grasim Industries and Hero MotoCorp, while the top losers were Tata Motors, Infosys and Wipro.

Wholesale inflation was 2.48 per cent in February and 5.11 per cent in March a year ago.

However, towards the middle of the session, revival of buying, spread over a broad front, helped wiping out initial losses and touched the day's high of 34,341.46 before settling higher by 112.78 points, or 0.33%, at 34,305.43. Its stock was one of the biggest contributors to the losses in the Sensex pack. 30-share BSE Sensex lost nearly 150 points to open below 34,000-mark, but the index soon mad e a comeback and was at 34,119.45, still 73.20 points down, at 9.30 am.

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Last week, the Sensex ended with third consecutive weekly gain by a solid 565.68 points to conclude at 34,192.65, while the broader Nifty reclaimed to close above the key 10,400-level at 10,480.60.

Reflecting further improvement in the economic situation, industrial production grew by a healthy 7.1 per cent in February while the key retail inflation slipped to a five-month low of 4.28 per cent in March, official data showed on Thursday. Intra-day, it hovered between 10,396.35 and 10,540.15.

Infosys share price tanked sharply, slipping 6 per cent after the company reported 28.2 per cent fall in net profit at Rs 3,690 crore in Q4 on consolidated basis, in-line with expectations, as against Rs 5,129 crore reported in the December quarter of FY18.

The BSE market breadth was, however, bearish with 1,430 declines and 1,232 advances.

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