Stock market rebounds; Nifty closes above 11,750

The Bombay Stock Exchange (BSE) closed higher omn October 16. The Sensex, which had lost more than 1,000 points on October 15 after a 10-day high, rose 254 points. The Nifty gained 82 points.

The market experienced severe volatility on the day. The Sensex fell by 39,699.42 points to close at 36,982 points. It had surged to 40,125.71 points during the day. Similarly, Nifty closed at 11,762 points, up 11,789 points. It had fallen to 11,667 points during trading.

Metal, banking and pharma stocks were the main gainers on the day. The Nifty Metal Index was up 3.97 per cent and the Nifty Bank Index was up 2 per cent. IT stocks came under selling pressure. At the same time, pharma stocks gained.

The majority of Nifty stocks traded higher on the day. Out of the 50 stocks in the Nifty, 39 gained while 11 stocks lost. Metal stocks were the main gainers. JSW Steel, Tata Steel, BPCL, Hindalco and Divis Lab were the top five gainers in the Nifty. These stocks gained over 3 per cent.
UPL, HCL Tech, Mahindra & Mahindra, Asian Paints and Reliance Industries were the top five losers in the Nifty. UPL is down 7.73 per cent.