After a bearish start on Monday, influenced by global market weaknesses and significant foreign fund outflows, the Indian equity benchmarks witnessed a strong rebound on Tuesday. The 30-share BSE Sensex gained back 541.25 points, rising to 77,882.33 points in early trade today. Similarly, the broader Nifty index also exhibited positive momentum, climbing 130.8 points to touch a record high of 23,668.65 points.
Top gainers and losers
Axis Bank, HDFC Bank, ICICI Bank, UltraTech Cement, SBI, and Kotak Mahindra Bank lead gains; Adani Ports, Power Grid, Tata Steel, and Asian Paints lag behind among Sensex constituents.
Global market trends
Seoul, Tokyo, Hong Kong show gains; Shanghai declines; US markets close mixed on Monday.
Economic update
RBI announces India’s current account surplus of USD 5.7 billion for Q4 FY24, marking the first surplus in ten quarters, easing rupee pressure and potentially attracting FII inflows amid Fed rate cut expectations.
Commodity market
Brent crude slips marginally to USD 85.96 per barrel, influencing global oil benchmarks.
Investment activity
FIIs sell equities worth Rs 653.97 crore; BSE closes 131.18 points higher at 77,341.08; Nifty ends at 23,537.85, up by 0.16%.
Sensex and Nifty achieved historic highs, driven by firm Asian market performance and significant investments in leading bank stocks. India’s current account surplus announcement by RBI for Q4 FY24 buoyed market sentiment, while global economic trends and commodity fluctuations shaped investor outlooks. Foreign Institutional Investors recorded substantial equity sales, while benchmark indices closed higher, reflecting positive economic indicators and investor confidence.
Also read | India records current account surplus of 0.6 per cent of GDP in March quarter: RBI
