• durgesh dubey
• 09 Aug, 2024

Sensex

Indian markets opened strong on Friday, with the Sensex jumping 789 points to reach 79,675 and the Nifty50 climbing 235 points, or 0.98%, to 24,352. IT stocks led the rally, with Tech Mahindra, Infosys, TCS, and HCL Tech each gaining around 2%. On the NSE, Eicher Motors, ONGC, Tata Motors, and Tech Mahindra were top performers, while HDFC Life was the only laggard.

Broader markets also showed positive momentum, with the MidCap and SmallCap indices both rising by nearly 1%. All sectoral indices were in the green, with Nifty IT, Nifty Metal, Nifty Auto, and Nifty Oil and Gas leading the charge.

The surge was driven by a global market recovery, pushing the BSE Sensex up by 802.47 points to 79,688.69 and the NSE Nifty up by 241.75 points to 24,358.75. Analysts expect market volatility to continue as they look for new catalysts, especially after the recent earnings season and the Reserve Bank of India's policy announcements.

Emkay Global noted India's resilience in the face of global uncertainties but cautioned about possible near-term market corrections. Sectors like IT and FMCG are expected to perform well during any potential pullbacks. The RBI's decision to maintain its monetary policy was in line with expectations, though technical experts highlighted resistance at the 24,350 level for Nifty and potential support around 23,900. Meanwhile, Ola Electric Mobility's shares were listed at Rs 76 per share, matching the IPO price. All sectoral indices were trading positively, with BSE Midcap and Smallcap indices up nearly 1% each.