In a significant recovery, the stock markets rebounded strongly in early trade on Wednesday. The Sensex surged by 1,046.13 points, reaching 79,639.20. Similarly, the Nifty index saw a substantial increase of 313.9 points, climbing to 24,306.45. Among the 30 Sensex firms, Maruti, Infosys, UltraTech Cement, Adani Ports, JSW Steel, and HCL Technologies emerged as the biggest gainers. Conversely, Asian Paints, Kotak Mahindra Bank, Bharti Airtel, and Titan were the laggards.
Global market influence
Asian markets traded positively, with Seoul, Tokyo, Shanghai, and Hong Kong showing significant gains. The US markets also ended higher on Tuesday.
Market analysis
"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 at Geojit Financial Services.
FIIs and DIIs activity
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,531.24 crore on Tuesday, according to exchange data. In contrast, Domestic Institutional Investors (DIIs) bought equities worth Rs 3,357.45 crore.
Oil prices
Global oil benchmark Brent crude climbed 0.14 per cent to USD 76.59 a barrel.
Previous session recap
On Tuesday, the BSE benchmark settled at 78,593.07, down 166.33 points or 0.21 per cent, marking its third straight day of decline. Similarly, the Nifty fell 63.05 points or 0.26 per cent to settle below the 24,000 level at 23,992.55.
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