Nifty almost makes it to 17,000 as Dalal Street rebounds after five-day fall, SBI, HUL, HDFC Bank aid market recovery
Indian equity benchmarks Nifty50 and Sensex managed to halt a five-day losing streak on Thursday, driven by gains in FMCG and financial shares though losses in IT stocks limited the upside, with the 50-scrip index coming within 15 points of the psychologically-important 17,000 mark. The Indian stock market took positive signals from a positive start in European markets as Credit Suisse shares made a sharp comeback a day after losing about one-fourth of its value, giving a ray of hope to investors stuck in a turmoil across global banking shares after the sudden collapse of Silicon Valley Bank (SVB).
Nifty 50 Today: The 50-scrip headline index settled at 16,985.6 for the day, having rebounded 135.5 points from its weakest level of the day in a volatile session on March 16. | Image: Reuters