Markets rebound: Sensex jumps 1,098 points; Nifty surges to 24,387-level amid rally in global peers
The Hindu
Sensex and Nifty rebound sharply in early trade, tracking U.S. and Asian markets
Equity benchmark indices Sensex and Nifty bounced back sharply in early trade on Friday (August 9,2024) tracking a significant rally in the U.S. and Asian markets along with buying in blue-chips Tata Consultancy Services and Reliance Industries.
Rebounding from Thursday's (August 8,2024) decline, the 30-share BSE Sensex jumped 1,098.02 points to 79,984.24 in early trade. The NSE Nifty surged 270.35 points to 24,387.35.
All the 30 Sensex firms were trading in the positive territory. Tata Motors, Tech Mahindra, Mahindra & Mahindra, HCL Technologies, Power Grid, NTPC, Tata Consultancy Services and Reliance Industries were the biggest gainers.
In Asian markets, Tokyo, Seoul, Shanghai and Hong Kong were trading sharply higher.
The U.S. markets ended significantly higher on Thursday (August 8,2024).
"The sharp rebound in the U.S. markets on August 8 indicates that the recession fears were a bit overdone. The latest initial jobless claims came lower-than-expected indicating that the labour market is not loosening as many sceptics feared," said V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Foreign Institutional Investors (FIIs) off loaded equities worth ₹2,626.73 crore on Thursday (August 8,2024), according to exchange data.
Stock markets decline after initial gains due to foreign fund outflows and blue-chip selling, highlighting key laggards like TCS and HCL Tech.
The rupee declines to 90.22 against the dollar, influenced by global trade uncertainties and rising crude oil prices.
Google parent Alphabet Inc. on Monday became the fourth Big Tech powerhouse to be valued at $4 trillion
Fed's Williams emphasizes a favorable economic outlook, asserting monetary policy is well-positioned to balance inflation and job market stability.
As India’s solar energy capacity continues to accelerate, the domestic industry is seeking an enhanced Production-linked incentive scheme, second instalment of PM-Kusum and viability gap funding to accelerate potential for energy storage, in the upcoming Union Budget.
HCL Tech, a Noida-based tech firm promoted by Shiv Nadar, on Monday posted third-quarter net profit of ₹4,076 crore, a 11% decline from ₹4,591 crore it reported a year earlier.
Public sector banks appeal against a stay on fraud classification proceedings against Anil Ambani, citing legal flaws in interim relief.
Sensex rebounds 300 points after five-day decline, driven by bargain hunting amid geopolitical tensions and foreign fund outflows.
BSE warns investors about a fraudulent deepfake video of its CEO offering unauthorized stock recommendations on social media.
Rupee recovers 2 paise to close at 90.16 against the dollar amid improved market sentiment and trade deal discussions.
Maruti Suzuki approves ₹35,000 crore second plant in Gujarat, aiming for 10 lakh units annually by FY29.
Gold and silver futures soar to record highs amid U.S. Fed probe and escalating geopolitical tensions, driving investors to safe havens.
OpenAI and SoftBank Group will invest $500 million each in SB Energy to expand data centre and power infrastructure for their Stargate initiative