From the 30 Sensex companies, Kotak Mahindra Bank, JSW Steel, HDFC Bank, Power Grid, IndusInd Bank, Maruti Suzuki India, NTPC, Axis Bank and Mahindra & Mahindra were among the gainers. File
| Photo Credit: Reuters

Equity benchmark indices Sensex and Nifty settled higher on Thursday (October 10, 2024) due to gains in banking, power and industrial stocks amid a firm trend in global markets.

The 30-share Bombay Stock Exchange (BSE) Sensex rose 144.31 points, or 0.18%, to settle at 81,611.41. During the day, it soared 535.74 points, or 0.65%, to hit an intra-day high of 82,002.84.

The National Stock Exchange (NSE) Nifty increased 16.50 points, or 0.07%, to close at 24,998.45.

In the intra-day trade, it rose 152.1 points, or 0.60%, to hit a high of 25,134.05. The market traded on a range-bound trend with a negative bias ahead of the start of the Q2 result.

“The Asian market started well but could not hold on to the gains as European markets waved on a negative trend in anticipation of the key U.S. inflation data, global bond yields are rising,” Vinod Nair, Head of Research at Geojit Financial Services, said.

From the 30 Sensex companies, Kotak Mahindra Bank, JSW Steel, HDFC Bank, Power Grid, IndusInd Bank, Maruti Suzuki India, NTPC, Axis Bank and Mahindra & Mahindra were among the gainers.

Tech Mahindra, Sun Pharmaceuticals, Infosys, Titan, Tata Motors, Larsen & Toubro and Tata Consultancy Services were among the laggards.

“Domestic broader market momentum was mixed with caution as the initial expectation of Q2FY25 results is subdued due to a subpar momentum in the global and rural demand,” Mr. Nair added.

Also Read: Ratan Tata’s final rites

Shares of Tata Group companies on Thursday (October 10, 2024) rose up to 15%, with Tata Investment Corporation, Tata Chemicals, and Tata Teleservices among the major gainers.

Tata Sons Chairman Emeritus Ratan Tata, who played a key role in transforming the group into a global conglomerate, passed away late on Wednesday (October 9, 2024). He was 86.

European markets were trading lower in the mid-session deals. Global oil benchmark Brent Crude climbed 1.37% to $77.63 a barrel in futures trade.

In Asian markets, Tokyo, Hong Kong, Shanghai and Seoul were closed higher. U.S. markets ended with gains on Wednesday (October 9, 2024).

Foreign Institutional Investors (FIIs) offloaded equities worth ₹4,562.71 crore on Wednesday (October 9, 2024), while Domestic Institutional Investors (DIIs) bought equities worth ₹3,508.61 crore, according to exchange data.

On Wednesday (October 9, 2024), the 30-share BSE Sensex fell 167.71 points to close at 81,467.1 while the NSE Nifty dropped 31.20 points to end at 24,981.95.

People walk past the Bombay Stock Exchange (BSE) building, in Mumbai. File.
| Photo Credit: PTI

Equity market benchmark indices Sensex and Nifty bounced back sharply in early trade on August 6 after facing a severe drubbing in the previous trade tracking a smart rebound in Asian peers.

The 30-share BSE Sensex jumped 1,092.68 points to 79,852.08 in early trade. The NSE Nifty surged 327 points to 24,382.60.

All the 30 Sensex firms were trading in the positive territory during the early trade. Tata Motors, Tech Mahindra, HCL Technologies, JSW Steel, HCL Technologies and Infosys were the biggest gainers from the pack.

Asian markets also rebounded sharply, where Seoul, Tokyo, Shanghai and Hong Kong were quoting significantly higher. Japan’s benchmark stock index soared over 10%.

The U.S. markets ended with deep cuts on Monday.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹10,073.75 crore on Monday, according to exchange data.

Global oil benchmark Brent crude jumped 1.27% to $77.27 a barrel.

“When market valuations are elevated, unexpected news and events trigger a market crash. This was what happened yesterday in most asset classes, globally. Fears of recession in the US and unwinding of the Yen carry trade along with tensions in the Middle East contributed to the crash,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

It is important to understand that the correction in India was relatively lower compared to most markets. Once again, domestic investors came to the rescue of the market with DII buying Rs 9,155 crore when FIIs sold for Rs 10,073 crore in the cash market, he added.

The BSE benchmark plummeted 2,222.55 points or 2.74% to settle at over a month’s low of 78,759.40 on Monday, marking its worst single-day retreat since June 4, 2024. During the day, it tanked 2,686.09 points or 3.31% to 78,295.86.

The NSE Nifty slumped 662.10 points or 2.68% to settle at 24,055.60. During the day, it tumbled 824 points or 3.33% to 23,893.70. Nifty also saw its worst single-day fall since June 4, 2024, when markets crashed more than 5 per cent after the general election results.