Stock Market Highlights for August 7, 2024: Sensex and Nifty Close Stronger with Broad-Based Buying; Oil & Gas, Energy Indices Lead the Way

The day ended on a positive note for the key indices, Sensex and Nifty. Sensex ended the day up 874.94 points, or 1.11%, at 79,468.01. Nifty gained 304.95 points, or 1.27%, to settle at 24,297.50.

Adani Ports, Power Grid, JSW Steel, Tata Steel, and Infosys were the top gainers on the Sensex. IndusInd Bank, Titan, Tech Mahindra, Hindustan Unilever, and Bharti Airtel were the ones who lagged behind.

“Global markets experienced a notable rebound after the BoJ’s Deputy Governor reassured that the central bank would not raise interest rates during a period of financial instability,” said Vinod Nair, Head of Research at Geojit Financial Services. The reintroduction of indexation benefits led to a relief rally in the Realty sector, but the Indian market also experienced broad-based purchasing across all sectors. The attention is now on the current RBI policy, which is likely to retain the rate and maintain a strong economic outlook, as the carry trade issue seems to have subsided for the time being. The Wednesday session concluded on a positive note for the key indices, Sensex and Nifty. Sensex gained 874.94 points, or 1.11%, to settle at 79,468.01. Nifty gained 304.95 points, or 1.27%, to close at 24,297.50.

Adani Ports, Power Grid, JSW Steel, Tata Steel, and Infosys were the biggest gainers on the Sensex. Conversely, IndusInd Bank, Titan, Tech Mahindra, Hindustan Unilever, and Bharti Airtel were among the underachievers.

“Global markets saw a significant rebound after the BoJ’s Deputy Governor reassured that the central bank would not raise interest rates during financial instability,” said Vinod Nair, Head of Research at Geojit Financial Services. Additionally, the Indian market saw widespread purchasing across all industries, with the real estate sector profiting from the return of indexation benefits. The attention is now on the ongoing RBI policy, which is anticipated to maintain the rate and sustain a good economic outlook, as the carry trade issue appears to have subsided for the time being.