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Sensex jumps 1,330 points to two-week high, Nifty rallies

The 30-share BSE Sensex surged 1,330.96 points to 80,436.84, its best single-day gain in over two months, while the NSE Nifty climbed 397.40 points to a two-week high of 24,541.15.

News Arena Network - Mumbai - UPDATED: August 16, 2024, 04:31 PM - 2 min read

Sensex jumps 1,330 points to two-week high, Nifty rallies

All the sectoral indices closed in green. BSE Midcap spurted 1.8 per cent while Smallcap index rose by 1.7 per cent.

The benchmark Sensex surged by 1,330 points to close at its highest level in over two weeks, while the Nifty rose by 397 points, settling above 24,500, buoyed by gains in IT shares, Reliance Industries, and a strong global stock market rally.

The 30-share BSE Sensex soared 1,330.96 points or 1.68 per cent to end at 80,436.84, marking its best single-day gain in more than two months. During the day, the index had climbed as much as 1,412.33 points or 1.78 per cent to reach 80,518.21.

The NSE Nifty jumped 397.40 points or 1.65 per cent to close at 24,541.15, also reaching a two-week high.

Among Sensex companies, Tech Mahindra, Mahindra & Mahindra, Tata Motors, UltraTech Cement, Tata Consultancy Services, HCL Technologies, ICICI Bank, and Tata Steel were the top performers. Sun Pharma was the only notable laggard.

All sectoral indices ended in positive territory, with the BSE Midcap index rising 1.8 per cent and the Smallcap index gaining 1.7 per cent.

Asian markets saw significant gains, with Seoul, Tokyo, Shanghai, and Hong Kong all closing higher. European markets were mostly in the green, and US markets had sharp gains on Thursday.

Vinod Nair, Head of Research at Geojit Financial Services, attributed the global market recovery to the stability of the Japanese yen, strong US retail sales, and a decline in weekly jobless claims, which alleviated fears of a US recession. He also noted that improved market sentiment was driven by a decrease in US CPI inflation, which bolstered buying interest in Indian IT firms.

Foreign Institutional Investors (FIIs) sold equities worth ₹2,595.27 crore on Wednesday, while Domestic Institutional Investors (DIIs) purchased equities worth ₹2,236.21 crore, according to exchange data.

Global oil benchmark Brent crude fell by 1.22 per cent to USD 80.05 a barrel.

Indian stock markets were closed on Thursday in observance of Independence Day.

On Wednesday, the BSE benchmark had risen by 149.85 points or 0.19 per cent to close at 79,105.88, while the NSE Nifty ended marginally up by 4.75 points or 0.02 per cent at 24,143.75.