Indian benchmark equity indices, Sensex and Nifty, experienced a significant rebound in early trade, reversing two days of losses, primarily propelled by robust buying in blue-chip IT stocks and a positive rally across global markets.
Sensex and Nifty50 Performance: Key Market Highlights Today
- Indian benchmark indices, Sensex and Nifty, saw a rebound in early trade, recovering from two consecutive days of losses.
- The recovery was primarily driven by significant buying interest in major IT sector stocks, including Tata Consultancy Services, Tech Mahindra, and Infosys.
- Positive global market cues, particularly strong performances in US markets influenced by Nvidia's quarterly results, contributed to the uplifted sentiment.
- Foreign Institutional Investors (FIIs) had offloaded equities worth Rs 298.26 crore on the preceding Thursday.
- Market attention is now focused on Fed Chair Kevin Warsh's upcoming Jackson Hole keynote address for further macro-economic direction.
Benchmark equity indices Sensex and Nifty rebounded in early trade on Friday after two days of losses, helped by buying in blue-chip IT stocks and a rally in global markets.
The 30-share BSE Sensex climbed 245.56 points to 77,191.80 in early trade.
The 50-share NSE Nifty was up 54.20 points to 24,147.50.
Winners and Losers on Dalal Street
Among the 30 Sensex firms, Tata Consultancy Services, Tech Mahindra, Infosys, HCL Tech, Titan, and Power Grid were among the major winners.
UltraTech Cement, ICICI Bank, Mahindra & Mahindra, and State Bank of India were the laggards.
Brent crude, the global oil benchmark, traded 0.56 per cent lower at USD 89.20 per barrel.
How Global Market Influenced Indian Equities
In Asian markets, South Korea's Kospi traded lower, while Japan's Nikkei 225 index, Shanghai's SSE Composite index Hong Kong's Hang Seng index quoted higher.
US markets ended higher on Thursday.
"Global cues are more supportive than they have been at any point this week. US markets closed firmly higher, with the Dow Jones Industrial Average gaining 0.20 per cent, the S&P 500 rising 0.72 per cent and the Nasdaq advancing 1.57 per cent," Hariselvan Radhakrishnan, founder & CEO of HST Wealth, a Research Analyst firm, said.
Impact of Nvidia and FII Activity
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 298.26 crore on Thursday, according to exchange data.
"Sentiment in technology and semiconductor stocks, however, was clearly lifted by Nvidia's blowout quarterly results, which triggered a broad rally across AI-linked names in the US, helping the Nasdaq end about 1.5 per cent higher," Ponmudi R, CEO of Enrich Money, an online trading and wealth-tech firm, said.
Attention now turns to Fed Chair Kevin Warsh's first Jackson Hole keynote, the week's most closely watched macro event, he added.
