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Closing Bell: Sensex rebounds 946 points from day's low, snaps 4-day losing streak; Paytm shares jump 9%

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The Sensex and Nifty50 indices closed above the flatline after four days of losses in a row. Gains in financial, oil & gas and metal shares powered the bounceback.

Closing Bell: Sensex rebounds 946 points from day's low, snaps 4-day losing streak; Paytm shares jump 9%
Indian equity benchmarks made a comeback on Tuesday helped by an across-the-board recovery following losses that stretched to four sessions in a row. Gains in financial, oil & gas and metal shares led the rebound in the headline indices, though losses in IT shares limited the upside.  Broader markets also bounced back sharply, giving the bulls a sigh of relief.
The Sensex index ended 198.4 points or 0.3 percent higher at 58,664.3, recovering 946 points from its intraday low of 57,718.3. The broader Nifty50 benchmark settled at 17,503.4, up 86.8 points or 0.5 percent from its previous close.
In the past four sessions, the 30-scrip index had shed 2,252.8 points (3.7 percent) and the Nifty lost a total of 348.3 points (3.8 percent).
Power Grid, JSW Steel, Coal India, NTPC, Adani Ports, Britannia, Divi's Labs and Tata Steel, closing 2.2-4 percent higher, were among the top blue-chip gainers. On the  other hand, Asian Paints, IndusInd Bank, Infosys, Axis Bank and Titan -- down between 0.3 percent and 2.6 percent -- were the worst hit among the 10 laggards in the Nifty50 universe.
Reliance Industries shares rose one percent after Moody's said the conglomerate's decision to re-evaluate its deal with Saudi Aramco will not impact its credit rating.
Bharti Airtel climbed up 2.4 percent after brokerages raised their target prices for the stock, giving a thumbs up to a tariff hike by the telecom major.
Paytm parent One97 Communications' shares rebounded after continuing to decline following a weak debut on Thursday, ending with a gain of 9.9 percent at Rs 1,495 apiece on BSE. The stock is now at a discount of 30.5 percent to its issue price, as against 36.7 percent at Monday's closing price.
Latent View Analytics shares ended at Rs 488.6 apiece on BSE, a premium of 148 percent over its issue price. Earlier in the day, the stock debuted in the secondary market at a premium of 169 percent, becoming one of the best listings of the recent past.
The Nifty Midcap 100 index ended 1.8 percent higher, and its smallcap counterpart finished the day with a gain of 1.9 percent.
Glenmark Pharma, Navin Flourine, Birlasoft and CESC -- climbing between seven percent and 10.1 percent -- were among the top gainers in the indices. Syngene, Dr Lal, Vakrangee and Radico Khaitan -- declining 1.6-3.5 percent -- were among the losers.
Meanwhile, European stocks tumbled in early hours and were on track for their worst day in two months as a risk-off mood deepened amid a resurgence in COVID-19 cases and rate hike concerns. The pan-European Stoxx 600 index was down one percent at the last count, having hit a three-week trough.
S&P 500 futures were down 0.1 percent, suggesting a muted start ahead on Wall Street.
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