Mumbai: The Sensex jumped 1,098.02 points to 79,984.24 in early trade on Friday. The NSE Nifty surged 270.35 points to 24,387.35. The equity benchmark indices 3o-share BSE Sensex and Nifty increased sharply after a significant rally was witnessed in the US and Asian stock markets. Also, heavy buying was reported in Tata Consultancy Services and Reliance Industries.
All 30 Sensex firms in Green: Tata Consultancy Services, Reliance Industries, Mahindra & Mahindra, HCL Technologies, Power Grid, Tata Motors, Tech Mahindra, NTPC were the biggest gainers.
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, opined that rally in US stock markets are an indication that “recession fears were a bit overdone”.
“The sharp rebound in the US markets yesterday 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,” he said.
According to exchange data, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,626.73 crore on August 8, 2024.
The domestic benchmark equity indices BSE Sensex and Nifty closed lower on August 9, 2024 as profit booking was recorded after the Reserve Bank of India (RBI) kept interest rates unchanged The BSE closed 581.79 points lower at 78,886.22, and the NSE Nifty settled lower by 180.50 points at 24,117.
Meanwhile, Rupee appreciated 8 paise to 83.89 against US dollar in early trade. The Indian currency increased supported by a positive trend in domestic equities and a decline in the US dollar index.
Forex traders said after RBI MPC announcement, stock markets now await for US CPI data, India CPI, WPI and IIP data and India’s trade data which are scheduled to be released next week.
World markets
Asian markets: Seoul, Tokyo, Shanghai and Hong Kong trading in positive territory. The US markets ended significantly higher on Thursday.
Global oil benchmark Brent crude climbed 0.14 per cent to USD 79.27 a barrel.
Stock Market today: The Sensex surged 1,098.02 points to 79,984.24, while the NSE Nifty jumped 270.35 points to 24,387.35 in early trade on Friday. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
