MUMBAI: Indian stocks reversed from their morning lows to close in the green, mirroring the overnight moves on Wall Street. The Nifty recovered 441 points from the day’s low to close up three-quarters of a percent at 17277.95 and the Sensex recovered 1448.5 points from the day’s low to end three-fifths of a percent higher at 57858.15, snapping a 5-day losing streak.
Fear gauge India Vix closed down 6.4% at 21.36, reflecting the recovery staged by the bulls in the last hours of trade.
Fears of a hawkish commentary by the Federal Reserve on US interest rates and rising inflation back home spooked the market which saw investors’ wealth worth `19.5 lakh crore destroyed in five sessions through Monday.
The Indian market will be closed for the Republic Day holiday on Wednesday and has just 3 sessions before the Budget is presented on Feb 1. Thirty-six stocks advanced against 14 that declined on Nifty.
The top gainers included Maruti, Axis Bank, SBI, IndusInd Bank, and Bharti Airtel, which rose between 3% and 7.4%. The top 5 losers included Wipro, Bajaj Finserv, Titan, Infy, and TechM.