Stocks rebounded on Tuesday after falling sharply in the previous two sessions on positive global cues and no spike reported in HMP virus cases. Equities are expected to remain under pressure amid disappointing news on the economy.
Data released after market hours forecast the country’s 2024-25 GDP growth at a four-year low of 6.4 per cent.
The 30-share Sensex opened on a positive note at 78019.80 and jumped 487.75 points to touch a day’s high of 78452.74. It later settled at 78199.11, thus marking a gain of 234.12 points or 0.30 per cent.
Tata Motors, Reliance Industries, ICICI Bank, Asian Paints, Nestle India, UltraTech Cement, Larsen & Toubro and Adani Ports were among the biggest gainers as they rose up to 2.25 per cent.
“We expect the markets to remain in a range amidst news flows over HMPV, pre-quarterly business updates, and take cues from the upcoming third quarter results,” Siddhartha Khemka, head — research, Wealth Management, Motilal Oswal Financial Services, said.
Vinod Nair, head of research, Geojit Financial Services, said investors had already moderated their growth expectations, as the Reserve Bank of India (RBI) recently revised its growth projection downwards. In its December 2024 meeting, the RBI projected real GDP growth for 2024-25 at 6.6 per cent, down from 7.2 per cent earlier.
In the forex markets, the rupee was able to unshackle itself from the strength of the dollar. After falling for several sessions, the domestic currency settled higher at 85.71 against the dollar compared with its previous close of 85.83.
Equinox surge
The shares of Equinox India Developments Ltd (Equinox India — formerly known as Indiabulls Real Estate) were frozen at the 20 per cent upper circuit after the company said that the National Company Law Appellate Tribunal (NCLAT) approved its merger with the Embassy group.
The Embassy India scrip was trading at ₹143.70, a rise of ₹23.95 over the last close on the BSE.
Last year, Indiabulls Real Estate or IBREL had rebranded itself to Equinox India and this was effective from July 8, 2024. Indiabulls Housing Finance, a mortgaging arm of the group, also changed its name to Sammaan Capital Ltd.
