Indices rebound: Up 1% each to end 3-day losing streak

Sensex surged by 874.94 points to close at 79,468

MUMBAI: On Wednesday, August 7, Indian stock markets ended a three-day losing streak, buoyed by positive global cues and a rebound in international markets.

Global stock markets are gradually recovering from the impact of fears about a US recession and the uncertainty surrounding Japanese Yen futures. The Bank of Japan has provided some relief by announcing that it will refrain from raising interest rates during periods of market instability, according to market analysts.

They also noted that while Foreign Institutional Investors (FIIs) have become net sellers on Indian exchanges, the buying activity of Domestic Institutional Investors (DIIs) has counterbalanced the FIIs’ sell-off.

Equity benchmarks, the BSE Sensex and NSE Nifty50, both posted gains of over 1 per cent for the day. The BSE Sensex surged by 874.94 points, or 1.11 per cent to close at 79,468, while the NSE Nifty50 rose by 304.95 points, or 1.27 per cent, ending at 24,297.

4 Nifty stocks up 7.45%

Among the Nifty50’s 50 constituent stocks, 44 finished higher, with ONGC, Coal India, Adani Enterprises, and Adani Ports leading with gains of up to 7.45 per cent. On the BSE, 25 out of 30 Sensex stocks ended in positive territory, with Adani Ports, Power Grid, and JSW Steel seeing increases of up to 3.42 per cent.

In broader indices, the Nifty Next 50 led with a 3.01 per cent gain, followed by the Nifty SmallCap 100 and Nifty MidCap 100, which rose by 2.86 per cent and 2.45 per cent, respectively.

The India VIX, a measure of market volatility, dropped 13.72 per cent to 16.17 points.

All sectoral indices closed higher, with Oil & Gas, Media, Metal, Pharma, and Healthcare sectors being the top performers, showing gains of up to 3.06 per cent.