Sensex gains over 1,000 points, and Nifty recovers 24,350 from massive buying

Sensex Soars 1,000+ Points as Nifty Climbs Back to 24,350 with Heavy Buying

Written by: Supriya Kadu

Edited by: Omkar Devadkar

Last Updated: August 06, 2024

Summary: The top movers in the Sensex were Reliance Industries, Larsen & Toubro, HDFC Bank, Infosys, Tata Motors, ICICI Bank, and State Bank of India.

Following a sharp decline in the previous session, the benchmarks for Indian equities rose on Tuesday in tandem with global markets. The Nifty 50 index recovered its crucial psychological milestone of 24,350, while the Sensex increased by as much as 1,016 points after plunging as low as 23,893.70 in the previous session.

Among the top movers in the Sensex were Tata Motors, ICICI Bank, Infosys, HDFC Bank, Larsen & Toubro, Reliance Industries, and the State Bank of India.

At 9:19 a.m., the Nifty 50 index gained 293 points, or 1.22%, to 24,348 while the Sensex increased 986 points to 79,745 points.

Tuesday morning saw a strong comeback for Japanese markets, which had experienced the worst one-day decline since the Black Monday crisis in 1987.

By midday, the Nikkei gained 9.4% to 34,416.32, while the Topix gained 9.3% to 2,434.21. The Nikkei gained 2,957.9 points for a brief while, breaking the previous record of 3,000 points gained in a single day.

Following a 12.4% decline on Monday—its worst performance since the October 1987 crash—the Nikkei experienced a spike. Concerns over a possible US recession, the unwinding of investments financed by a low yen, and last week's worldwide stock market falls all caused the market to tremble.

In India, buying was apparent in all sectors as all of the main National Stock Exchange-compiled sector indices were rising, with the Nifty Auto index seeing a gain of more than 2%. The Nifty indices for consumer durables, IT, PSU Bank, real estate, oil and gas, and metals all saw increases of 1-2 percent.

The Nifty Midcap 100 index increased by 1.72 percent, and the Nifty Smallcap 100 index increased by 2.01 percent, indicating that buying demand was also present in bigger markets.

The largest Nifty gainer was Tata Motors, whose shares increased 3.8% to Rs 1,054. The following companies saw increases of two to three percent: ONGC, Larsen & Toubro, Maruti Suzuki, Adani Ports, JSW Steel, Tata Steel, Adani Enterprises, Mahindra & Mahindra, and Hindalco.

In contrast, Apollo Hospitals and SBI Life were two of the big loss companies. With 2,462 equities rising and 442 falling on the BSE, the overall market breadth was incredibly bullish.

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