BSE Sensex finished 63.84 points or 0.13% lower at 48,718.52; NSE Nifty closed 3.05 points or 0.02% higher at 14,634.15

The Sensex market benchmark staged a smart rally from the day’s low to the end with marginal losses on May 3 amid a negative trend in global equities.

After plunging more than 750 points in early trading, the 30-stock BSE index turned around to finish 63.84 points or 0.13% lower at 48,718.52.

In a similar move, the larger NSE Nifty closed 3.05 points or 0.02% higher at 14,634.15.

Titan was the first loser of the Sensex pack, losing more than 4%, followed by IndusInd Bank, Reliance Industries, Axis Bank, Kotak Bank, ONGC, ITC and ICICI Bank.

In contrast, Bharti Airtel, HUL, Maruti, Bajaj Finance, Asian Paints and NTPC were among the winners.

“National stocks rallied sharply from the day’s low despite weak global indices. While growing uncertainties over fundraising efficiency and bank / NBFC asset quality weighed heavily on financials , strong purchases in consumer goods and metals supported the recovery in the markets, “said Binod Modi, head of strategy at Reliance Securities.

While the persistent rise in the second wave of COVID-19 cases weighed on investor sentiment, stable corporate earnings with positive management feedback supported markets, he noted.

Active COVID-19 cases in India jumped to 34,13,642 from 33,49,644 on May 2, according to an update from the Ministry of Health on the morning of May 3.

Elsewhere in Asia, the Hong Kong and Seoul stock exchanges ended on a negative note. The Shanghai and Tokyo stock exchanges were closed for the holidays.

European markets were trading widely with losses in mid-session trades.

Meanwhile, international benchmark Brent crude was trading 0.63% lower at $ 66.34 a barrel.

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