Markets@Moneycontrol: D-Street rebounds sharply, Sensex up 295 pts

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The market continued to witness selling pressure throughout the week largely on the concern of higher inflation, potential tightening of liquidity, rising bond yields and sell-off in global markets.

The 30-share BSE Sensex rallied 294.71 points or 0.87 percent to 34,300.47 and the 50-share NSE Nifty was up 84.80 points or 0.81 percent at 10,539.80. The Sensex, which fell 407 points on Friday, rose as much as 346 points intra day to 34,351 level today.

"BSE Sensex and Nifty opened on a positive note after Asian Indices opened in green".

The market rebounded sharply on Monday with the rising almost 300 points after posting 3 percent loss in previous week, driven by positive global cues.

Meanwhile, Nifty Bank index of which Bank of Baroda is a constituent, has added around 1.69% in last one month and is now quoting at 25463.65, up 0.65% on the day.

"Mid and small-caps outperformed the benchmark indices as investors start accumulating the over sold stocks".

The valuation of India market still remains to be rich; hence, any correction owning to global volatility should be used as a buying opportunity to dig into quality stocks.

The rupee was stronger against the United States dollar, tracking gains in USA currencies.

Sectorwise, the S&P BSE capital goods index surged by 317.88 points, followed by auto index by 266.55 points and banking index by 197.62 points.

The Indian equity markets will remain closed on Tuesday (February 13) for Mahashivratri.

Tata Steel, Aurobindo Pharma, UPL, YES Bank, and Indusind Bank were the Nifty drivers.

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