The market is attempting a strong pullback from Monday’s low as the reimposition of lockdowns is unlikely to really dampen the economic growth trajectory, said an analyst. There is great hope that economic restrictions, the summer season and the vaccination drive will lead to a fall in coronavirus cases.
The 30-share pack Sensex added 42.07 points or 0.09 per cent to close at 49,201.39. During the day, the index moved in a range of 650 points. Its broader peer NSE Nifty rose 45.70 points or 0.31 per cent to settle at 14,683.50.
“The pullback is also supported by a strong rally happening in global markets. The domestic market was awaiting the RBI policy with an expectation to maintain the status quo, future commentary on growth and inflation will be highly viewed with an optimistic outlook on FY22,” said Vinod Nair, Head of Research at Geojit Financial Services.
Market at a glance
- Panacea Biotec surges 20% as company signs deal to produce vaccines
- PVR plunges over 4% as rising Covid cases affect outlook
- Metal stocks continue to rise as production reaches record level
- Despite volatile moves, fear gauge India VIX eases about 2%
- Adani Ports surges 14% after company acquires residual stake in Krishnapatnam Port
