Triumphant Market Recovery: Benchmarks Snap 3-Day Losing Streak, Nifty Soars Near 24,300 | Capital Market News

Market Rally Breaks Losing Streak as Global and Domestic Forces Align

Domestic shares rebounded today, ending a three-day losing streak. The Nifty50 closed near 24,300 points, with all sectors showing gains. Oil & gas and metals were the top performers. Global markets reacted positively to the Bank of Japan’s commitment to maintaining stable rates. In India, domestic institutional investors (DIIs) offset foreign institutional investor (FII) selling, helping to strengthen the market.

The S&P BSE Sensex surged by 874.94 points (1.11%) to 79,468.01, while the Nifty 50 index jumped 304.95 points (1.27%) to close at 24,297.50. Previously, the Nifty50 had slumped 4.07% over three sessions.

Leading the charge were Adani Enterprises (+3.59%), Infosys (+2.36%), and HDFC Bank (+1.49%). The broader market outperformed the main indices with the S&P BSE Mid-Cap index up 2.63% and the S&P BSE Small-Cap index gaining 2.39%. Market breadth was strong, with 2,986 shares rising and 947 falling on the BSE; 98 shares were unchanged.

The India VIX, a volatility index, dropped 13.72% to 16.17, indicating lower market uncertainty.

Numbers to Track:

• The 10-year benchmark yield rose slightly to 6.983%.
• The rupee edged lower against the dollar, ending at 83.9725.
• MCX Gold futures saw a minor increase of 0.08% to Rs 69,023.
• The US Dollar Index (DXY) rose 0.26% to 103.24.
• US 10-year bond yield grew by 1.12% to 3.932%.
• Brent crude increased by 1.29% to $77.47 per barrel.

Global Markets:

• Dow Jones futures were up 348 points, indicating a strong opening for US markets.
• European and Asian markets also bounced back after earlier losses.
• Japan’s markets surged following the BoJ’s commitment to stable rates, though global economic slowdown concerns linger.
• US market recovery was bolstered by positive comments from Federal Reserve officials, easing fears of an imminent recession. The Dow Jones added 294.39 points, the S&P 500 rose 53.7 points, and the Nasdaq climbed 166.77 points.

Stocks in Spotlight:

• Dr. Lal PathLabs increased by 3.17% after a 28.95% jump in net profit.
• Tata Power fell 1.5% despite revenue growth due to a slight dip in net profit.
• Lupin soared 4.69% with a significant 76.01% rise in net profit.
• Gland Pharma dropped 4% following a 25.94% decrease in net profit.
• Gulf Oil Lubricants surged 6.17% after posting a 28.89% increase in net profit.

IPO Update:

• Brainbees Solutions’ IPO was subscribed 30%, while Unicommerce eSolutions’ IPO was subscribed 12.22 times, indicating strong investor interest.

In sum, a combination of positive global cues and strong domestic investor support powered a robust market recovery, breaking a multi-day losing streak.

Original Story https://www.business-standard.com/markets/capital-market-news/benchmarks-snap-3-day-losing-streak-nifty-ends-near-24-300-124080701297_1.html
Category :
Tags: