Stock Market Rebounds Sharply: Sensex Tops 74K; Nifty At New High Of 22,474. Banks Up

Stock update: On the 30-share Sensex platform, Kotak Bank, Axis Bank, Airtel, Sun Pharma, M&M, Titan emerged gainers. UltraCemco, NTPC, Maruti, JSW Steel, Tata Motors, Tata Steel were among the losers

In the broader markets, the BSE Midcap and the BSE Smallcap settled in the red, with 0.65 per cent and 1.9 per cent, respectively.

Source : Getty

The two key equity benchmarks, Sensex and Nifty, on Wednesday rebounded sharply during the last hour of trading, mainly due to an upward swing in banking and financial shares. The S&P BSE Sensex, which stayed in the red for the better part of the day, ended 409 points higher at 74,086. This is the first time Sensex went past 74,000. On the other hand, the NSE Nifty50 settled at 22,474, up 118 points or 0.53 per cent. The BSE benchmark hit a record high of 74,151, while the Nifty50 touched 22,497.

On the 30-share Sensex platform, Kotak Bank, Axis Bank, Airtel, Sun Pharma, M&M, Titan emerged gainers. On the downside, UltraCemco, NTPC, Maruti, JSW Steel, Tata Motors, Tata Steel were among the losers.

#ABPStockMarketWatch | Sensex and Nifty rebounded sharply during in the last hour of trading, on Wednesday

At 04:00 PM, #Sensex gained 409 points to 74,087 & #Nifty gained 118 points to close at 22,474

Here's a look at the stocks in focus:#ABPLive #ClosingBell #MarketWatch pic.twitter.com/AUbK0NJsTW

— ABP LIVE (@abplive) March 6, 2024

In the broader markets, the BSE Midcap and the BSE Smallcap settled in the red, with 0.65 per cent and 1.9 per cent, respectively.

Sectorwise, Nifty Bank and Private Bank advanced 0.8 per cent each, followed by 0.6 per cent rise in the Nifty Financial Services index. Pharma and IT indices were up 0.7 per cent each. Nifty Media index dropped 2.5 per cent, followed by Nifty Realty index 1.3 per cent, and Nifty Metal 0.5 per cent.

In the previous session on Tuesday, the S&P BSE Sensex fell 195 points to close at 73,677, while the NSE Nifty50 ended at 22,356, down 49 points.

Ahead of the anticipated testimony of the US Federal Reserve chair to Congress, global markets experienced a blend of trends. Vinod Nair, Head of Research at Geojit Financial Services, highlighted that the international markets observed a mixture of movements.

In the domestic arena, there was a notable recovery during the latter part of the trading session. Initial losses were overturned as buying interest surged, particularly in large-cap stocks.

Asian markets displayed varied performances with Seoul, Tokyo, and Shanghai witnessing declines, while Hong Kong closed with gains. On the European front, equity markets were predominantly trading in positive territory. However, US markets concluded Tuesday's session on a lower note.

Global oil benchmark Brent crude recorded an increase of 0.80 percent, reaching $82.59 per barrel.

Foreign Institutional Investors (FIIs) were noted to have bought equities valued at Rs 574.28 crore on Tuesday, as per exchange data.

Rupee Rises 7 Paise

Meanwhile, the Indian rupee saw an appreciation of 7 paise against the US dollar, settling at 82.83 (provisional) on Wednesday. This uptick was attributed to the weakened US dollar against major currencies internationally and a rally in domestic equities. However, the surge in crude oil prices on the global stage exerted pressure on the local currency, limiting its ascent, according to forex traders.

During intra-day trading at the interbank foreign exchange market, the Indian rupee fluctuated between 82.82 and 82.91 against the US dollar, ultimately settling at 82.83 (provisional), marking a 7-paise gain from the previous close. On Tuesday, the rupee had remained unchanged at 82.90 against the US dollar.