Markets bounce back from early morning losses

Indian equities showed a quick rebound in Monday afternoon session following a lacklustre start of the week, driven by information technology and pharmaceutical sectors. Investors eagerly seized buying prospects at critical levels, anticipating the forthcoming debt ceiling negotiations in the United States.

Sectorally, Nifty IT and Metal packs are trading with gains. Nifty Pharma and FMCG are also trading marginally higher. The banking and Financial Services index is trading at lower levels following its results announcement last week.

At around 1.00 PM, BSE Sensex is trading up by 189 points at 61,916. NSE Nifty is trading 95 points higher at 18,298.

Adani Enterprises (+17.94%) skyrocketed 18% following the Supreme Court-appointed expert committee’s report denying any regulatory failure around the Adani Group. Adani Ports (+7.59%) is trading nearly 8% higher.

Divis Lab (+4.02%) is trading with a 4% upside. Apollo Hospitals (+3.12%) is trading 3% higher, followed by a 2% gain in Tech Mahindra (+2.17%).

On the downside, Eicher Motors (-0.96%) is the top NSE loser so far, joined by Nestle India (-0.91%). Hero Moto Corp (-0.71%), Tata Motors (-0.70%), and Axis Bank (-0.62%) are the other losers on NSE today.

A total of 31 stocks advanced on the Nifty index today, 18 declined, and 1 remained unchanged.

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