Sensex jumps 800 points on heavy buying and short covering
Business
Today, the Sensex pulled off a quick comeback, soaring 800 points within an hour during the afternoon session.
This jump, from 73,999.17 to 74,807, was fueled by heavy buying and short covering as traders rushed to close positions ahead of Nifty 50 derivatives expiration.
Nifty IT index up over 4%
IT stocks led the charge with the Nifty IT index up over 4%. Auto, FMCG, and realty shares also pitched in.
Even with global uncertainties and foreign selling pressures hanging around, short covering kept things lively.
Ajit Mishra, SVP, Research, Religare Broking, summed it up: "The rebound was driven by buying in heavyweight stocks across sectors, with short covering ahead of the weekly expiry providing additional support."