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Stock Market today: The Sensex climbed 338.1 points to 79,814.73 in early trade on Wednesday. The Nifty jumped 101.5 points to 24,314.80.
Stock Market, BSE Sensex, Nifty PTI
Mumbai: The Sensex climbed 338.1 points to 79,814.73 in early trade on Wednesday. The Nifty jumped 101.5 points to 24,314.80. The equity benchmark indices Sensex and Nifty traded in Green as buying was reported in IT stocks and a rally in the US stock markets.
30-share Sensex pack gainers: Maruti, NTPC, Tech Mahindra, Tata Consultancy Services, Infosys, Bajaj Finance, HCL Technologies, Sun Pharma, and Bajaj Finserv. Laggards included Hindustan Unilever, JSW Steel, Titan, and Tata Steel.
Commenting on domestic market, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said that the rebound is backed by fundamentally strong large banking stocks. He however, cautioned that the weak or underestimate Q@ earnings of domestic companies might hinder the rally.
“The sharp rebound in the market yesterday indicates a halt to the downward trend witnessed during the last many days. The fact that the rebound is being led by fairly valued and fundamentally strong large banking stocks is important and points to the possibility of the continuation of the trend,” Vijayakumar said.
“However, the poor earnings growth in Q2 and earnings downgrades for FY25 are headwinds that will constrain a sustained rally,” he added. The market analyst further said that the buzz related to the US Presidential election will be seen only for a few days, after which economic fundamentals will determine the direction of the market trend.
According to exchange data, equities worth Rs 2,569.41 crore were sold by Foreign Institutional Investors (FIIs) sold on November 5, while Domestic Institutional Investors (DIIs) purchased Rs 3,030.96 crore worth of shares.
Bouncing back from Monday’s sharp fall, the BSE benchmark jumped 694.39 points or 0.88 per cent to settle at 79,476.63 on Tuesday. The Nifty climbed 217.95 points or 0.91 per cent to 24,213.30.
Shanghai and Tokyo traded higher while Seoul and Hong Kong quoted lower. Wall Street closed sharply higher on Tuesday. Global oil benchmark Brent crude lowered 0.94 per cent to USD 74.82 a barrel.
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO and Mutual Funds.)
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