Stock Market Rebounds Sharply: Sensex Rises 535 Points; Nifty Hits New All-Time High At 22,217

Stock update: On the 30-share Sensex platform, HCLTech, ITC, M&M, TCS, TechM, L&T emerged gainers. On the flip side, IndusInd Bank, HDFC Bank, Kotak Bank, SBI, HUL, Airtel were among the losers

In the broader markets, the BSE Midcap gained 1 per cent and Smallcap index added 0.5 per cent. ( Image Source :Getty )

The two key equity benchmarks, Sensex and Nifty, rebounded sharply during fag-end trading and closed in the green amid all-round buying across sectors, on Thursday. The S&P BSE Sensex settled at 73,158, up 535 points, on the other hand, the NSE Nifty50 managed to close above 22,000 after hitting a low of 21,875. The index ended at 22,217, up 162 points.

On the 30-share Sensex platform, HCLTech, ITC, M&M, TCS, TechM, L&T emerged gainers. On the flip side, IndusInd Bank, HDFC Bank, Kotak Bank, SBI, HUL, Airtel were among the losers.

#ABPStockMarketWatch | Sensex and Nifty rebounded sharply and closed in the green, on Thursday

At 04:00 PM, #Sensex gained 535 points to 73,158 & #Nifty gained 162 points to close at 22,217

Here's a look at the stocks in focus:#ABPLive #ClosingBell #MarketWatch pic.twitter.com/J8Lhix25WU

— ABP LIVE (@abplive) February 22, 2024

In the broader markets, the BSE Midcap gained 1 per cent and Smallcap index added 0.5 per cent.

Sectorwise, Auto, Capital Goods, Metal, Power, Information Technologies, and Telecom advanced 1 per cent each. On the other hand, the bank index closed marginally lower.

In the previous session, the S&P BSE Sensex declined 434 points to end at 72,623, while the Nifty50 closed shop at 22,055, down 142 points.

The domestic market experienced a resurgence, driven by encouraging Purchasing Managers' Index (PMI) figures from the Eurozone and robust earnings reports from leading US technology companies. Vinod Nair, Head of Research at Geojit Financial Services, emphasized the market's resilience, attributing the positive momentum to the expanding economic activity in India throughout February, particularly notable in the improvement of both service and manufacturing PMI indicators. This economic upswing translated into notable gains in discretionary stocks and capital goods.

Global Markets Respond with Optimism

Over in Asian markets, Japan's Nikkei 225 soared by over 2 percent, reaching an all-time high at the 1,989 level. Similarly, the Hang Seng in Hong Kong and China's Shanghai Composite closed with significant gains. European stocks also followed suit, predominantly trading in positive territory. Wednesday saw mostly higher closures in US stocks, with investors reacting favorably to the US Federal Reserve's January meeting minutes, which underscored policymakers' concerns regarding the premature reduction of interest rates.

Foreign Institutional Investors (FIIs) Show Confidence

Foreign Institutional Investors (FIIs) emerged as net buyers on Wednesday, displaying confidence by purchasing securities worth Rs 284.66 crore.

Rupee Strengthens Amid Global Trends

Simultaneously, the rupee demonstrated strength, appreciating by 13 paise to close at 82.83 (provisional) against the US dollar on Thursday. This uptrend was attributed to the weakness of the American currency in international markets and the positive performance of domestic equities. However, forex traders noted that elevated crude oil prices exerted pressure on the local unit, curbing its upward trajectory.

Key Forex Movements

In interbank foreign exchange dealings, the rupee commenced trading at 82.94 against the greenback, reaching an intraday high of 82.83. Ultimately, the domestic currency settled at 82.83 (provisional) against the dollar, marking a 13 paise increase from its previous close of 82.96.