The Indian domestic markets showed signs of a strong rebound today, opening higher after six consecutive days of selloff. Investors welcomed the positive sentiment, with the BSE benchmark Sensex and the broader NSE Nifty50 both surging in early morning trading.
At the opening bell, the BSE Sensex shot up by 305.37 points, or 0.48 percent, reaching a level of 63,678.97. Similarly, the NSE Nifty50 gained 87.15 points, or 0.46 percent, and was trading at 18,944.40.
By 9:55 am, the market’s positive momentum continued to grow, with the Sensex surging even further. It gained an impressive 530.82 points, or 0.84 percent, pushing it to 63,678.97. The Nifty50 also climbed significantly, adding 155.25 points, or 0.82 percent, and reaching a level of 19,012.50.
Several key companies and sectors contributed to this remarkable rebound. Notably, NTPC, Reliance Industries, HDFC Bank, Infosys, M&M, SBI, PowerGrid, Sun Pharma, and Maruti Suzuki were among the top gainers on the Sensex index. In addition, within the Nifty50 pack, Apollo Hospital, Coal India, Adani Enterprises, Eicher Motors, Wipro, Nestle India, Bajaj Auto, and Tata Consumer also saw substantial gains.
Remarkably, Hindustan Unilever and Asian Paints were the only companies in the Nifty50 and Sensex pack that were trading in the negative territory at the time.
The market’s enthusiasm was not limited to specific sectors, as all sectors were trading in the green. The Nifty Metal and PSU Bank indices, in particular, stood out with impressive gains of 1.29 percent each. The media index followed closely, rising by 1.20 percent. The Nifty Financial Services 25/50 index recorded a gain of 0.97 percent, and the realty index jumped by 0.92 percent.
Market experts attributed this positive momentum to the improved sentiment among investors, as well as a general sense of optimism about economic recovery. After the recent selloff, this robust rebound provided a much-needed respite for market participants, instilling confidence in the overall health of the Indian stock market.
As the trading day progresses, investors will be closely watching for further developments and potential market fluctuations. The rebound in the domestic markets is indeed a welcomed sight, and it remains to be seen whether this momentum can be sustained in the coming days.