Indian indices opened on a positive note following a rally in Asian markets. This comes after US central bank officials reassured investors, easing nerves from the previous session's massive selloff. The NSE Nifty 50 index rose 1.11% to 24,329.85, while the BSE Sensex added 1.2% to 79,743.87. On August 5, both indices had logged their worst session in two months amid global sell-off fears of a likely US recession.
Sector-wide gains
All 13 major sectors logged gains, with small- and mid-cap stocks rising about 2% each, reflecting a broad market recovery.
Global market influence
Asian markets rebounded, with the MSCI Asia ex-Japan index rising 1.7%. However, Wall Street equities recorded losses, highlighting continued volatility.
Expert insight
A. Balasubramanian, Managing Director and CEO of Aditya Birla Sun Life Asset Management Company, advised long-term investors to view market downturns as opportunities, suggesting that capitalizing on dips can be beneficial.
Top performers
ONGC surged 3.7% after surpassing first-quarter profit estimates due to strong fuel demand, becoming the top Nifty 50 gainer. Bharti Airtel shares rose 1.5% following a better-than-expected June quarter profit report.