Stock market: Leading companies saw gains, with NTPC, SBI, ONGC, Coal India, and Power Grid among the top performers, while Britannia, Hindustan Unilever, Cipla, Hindalco, and Nestle India experienced losses.
Benchmark indices Sensex and Nifty showed a strong rebound in early trade on Wednesday following significant losses in the previous session. The BSE Sensex surged 948.83 points to 73,027.88, and the NSE Nifty climbed 247.1 points to 22,131.60, driven by value-buying at lower levels.
The stock market witnessed a steep selloff, resulting in a massive loss of approximately Rs 20 lakh crore within the first 20 minutes of trading. By 9:35 am, the market capitalisation of BSE-listed companies had dropped to nearly Rs 406 lakh crore from the previous session's Rs 426 lakh crore.
Benchmark indices Sensex and Nifty plummeted in early trade on Tuesday as initial Lok Sabha poll counting showed a mixed trend. The BSE Sensex dropped 1,715.78 points to 74,753, and the NSE Nifty tumbled 539.1 points to 22,724.80.
From the Sensex basket, Larsen & Toubro, Mahindra & Mahindra, Bajaj Finance, UltraTech Cement, NTPC, IndusInd Bank, Tata Motors and Titan were the major gainers.
The sharp declines in both indices signal investor concerns and potential volatility in the coming days. The downturn affected a broad range of sectors, contributing to the overall market slump.
The broader NSE Nifty50 index also saw a sharp rise during early trading, reaching new highs. However, it failed to sustain these levels and closed below the critical 23,000 mark, indicating a pullback from investor enthusiasm.
The Sensex and Nifty achieved record highs during intraday trade on Friday before ending flat due to market volatility. The S&P BSE Sensex peaked at 75,636.5 but closed at 75,410, down 8 points. The NSE Nifty50 surpassed the 23,000-mark, closing 11 points lower at 22,957.
In the previous trading session on Tuesday, the BSE benchmark had declined by 52 points to settle at 73,953, whereas the Nifty50 had closed higher by 27 points at 22,529.
Nifty, which tracks the performance of the top 50 companies listed on the National Stock Exchange (NSE), recorded a slight dip of 17.30 points. It settled at 22,200.55 by the end of the trading session, signalling a subdued market trend.
As the midweek trading session commences, the stock markets welcomed investors with a buoyant start, painting the trading boards green with promising uptrends. The benchmark indices, Sensex and Nifty, led the charge, displaying encouraging gains in early trade.
The stock market surged on Tuesday, with both the Sensex and Nifty marking their third consecutive day of gains. Led by strong performances in the auto, metal, and banking sectors, the Sensex climbed 328 points to reach 73,105, while the Nifty settled at 22,218, up by 114 points.
As worries surrounding the general elections persisted, both the Sensex and the Nifty 50 witnessed a significant drop of over 1 per cent during Thursday's trading session. The volatility intensified on the weekly Nifty options expiry day, adding to the market turmoil.
The marginal increase in the Sensex suggests cautious optimism among investors, while the dip in the Nifty indicates some profit-taking and consolidation in select sectors.
Before November, FPI participation in Indian stocks was lukewarm, and they had turned net sellers. They sold Rs 14,768 crore and Rs 24,548 crore in September and October, respectively.
Stock market update: The next market holiday of the stock exchange is on May 20 (Monday) for the Lok Sabha Elections 2024.
The early gains in both Sensex and Nifty suggest a positive outlook for the stock market, with investors anticipating continued momentum and favorable trading conditions throughout the session.
Indian stocks started the week on a positive note, riding on the coattails of a strong performance in US markets and improved investor sentiment. With the Sensex rising by 411 points and the Nifty climbing 53.70 points in early trade, sectors like the Nifty Bank emerged as top movers.
In the early hours of trading today, the Indian stock market witnessed a positive momentum, with the Sensex rising by 176.47 points to reach 74,515.91. Similarly, the Nifty recorded a gain of 50.05 points, reaching 22,620.40.
The market commenced Thursday’s session on a downward trajectory, with both the Nifty and Sensex exhibiting bearish trends. The Nifty index slipped below the 22,400 mark, reflecting a cautious sentiment among investors at the opening bell.
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