Finance
The Indian benchmark equity indices BSE Sensex and Nifty 50 staged a strong comeback in the afternoon session on Tuesday, recovering some of Monday’s losses. The market recovery occurred ahead of the US Presidential election results (coming tonight) and the US Federal Reserve Policy meeting later in the week.
The BSE Sensex finished at 79,476.63, up 694 points or 0.88 percent, while the Nifty 50 rose 218 points or 0.91 percent to 24,213.
According to analysts, the rally might be attributable to technical bounceback and short-covering, as well as anticipation for a revival in demand in H2 FY25.
JSW Steel, Tata Steel, Axis Bank, IndusInd Bank, SBI, HDFC Bank, Kotak Bank, Ultratech Cement, and Maruti Suzuki led the benchmark comeback. On the Sensex, these shares surged by 1.5 to 4.7 percent.
Meanwhile, only nine firms in the 30-stock index, including Adani Ports, ITC, Asian Paints, Infosys, and L&T, closed in the red, falling up to 1.5 percent.
In the broader markets, the BSE MidCap and BSE SmallCap indices rose 0.4% each.
Sectorally, the Nifty Metal index rose the most, nearly 3%, followed by the Nifty Private Bank and Bank indices, both up 2%.
On the downside, the Nifty FMCG and IT indices ended lower, down up to 0.3 per cent.
Meanwhile, the Indian rupee remained unchanged at 84.10 per dollar.
Regarding the rupee, experts noted that market participants are keenly following FII activities, as any large buying or selling can affect the rupee’s movement together with the outcome of the US election.
According to Vikram Kasat of Prabhudas Lilladher, Indian markets rebounded strongly today, overcoming early losses amid worries surrounding the forthcoming US presidential election.
“Meanwhile, a softer dollar and cautious sentiment dominated markets as investors awaited clarity from the US election,” he said.
Source:BS
