07 August,2024 10:40 AM IST | Mumbai | mid-day online correspondent
Representational Image. Pic/Pixabay
Equity benchmark indices Sensex and Nifty bounced back sharply in early trade on Wednesday after three days of massive decline in-tandem with a rally in global peers.
The 30-share BSE Sensex jumped 1,046.13 points to 79,639.20 in early trade. The NSE Nifty surged 313.9 points to 24,306.45.
Among the 30 Sensex firms, Maruti, Infosys, UltraTech Cement, Adani Ports, JSW Steel and HCL Technologies were the biggest gainers.
Asian Paints, Kotak Mahindra Bank, Bharti Airtel and Titan were the laggards.
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Asian markets were also trading in the positive territory, where Seoul, Tokyo, Shanghai and Hong Kong were quoting significantly higher.
The US markets ended higher on Tuesday.
"After the twin jolts from US recession fears and the unwinding of the Yen carry trade, stock markets globally are slowly limping back to stability. Even though FIIs were big sellers in India in the cash market during the last three days, their selling is being matched by DII (Domestic Institutional Investors) buying. This countervailing investment by DIIs can impart resilience to the market," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, in a stock market update.
"Volatility means moves will be sharp and we still recommend the avoidance of trades. For investors, it is as good a time as any to take long-term exposure and benefit from the multi-decade India Growth Story. Just don't try to pick market bottoms or market tops. No one gets that right consistently and more importantly, profitably," Ajay Bagga, Banking and Market Expert told ANI on stock market update.
Asian markets also rallied after the Bank of Japan stepped in to control market turmoil, deciding not to hike interest rates. The Bank of Japan in a post on X shared the comments of the Deputy Governor of the Bank of Japan, Shinichi Uchida, who said, "As for the future conduct of monetary policy, in a nutshell, I believe that the Bank needs to maintain monetary easing with the current policy interest rate for the time being, with developments in financial and capital markets at home and abroad being extremely volatile."
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,531.24 crore on Tuesday, according to exchange data.
DIIs bought equities worth Rs 3,357.45 crore on Tuesday.
Global oil benchmark Brent crude climbed 0.14 per cent to USD 76.59 a barrel.
Falling for the third straight day on Tuesday, the BSE benchmark settled at 78,593.07, down 166.33 points or 0.21 per cent. Similarly, the Nifty declined 63.05 points or 0.26 per cent to settle below the 24,000 level at 23,992.55.
