After a steep decline and loss of billions of rupees on Monday, the Indian stock market rebounded today with both Sensex and Nifty 50 closing markets with more than 2.5% in gains.
Heavy resilience shown by the domestic market amidst mixed global cues, and strong support from foreign institutional investors helped the Indian stock market get back on track.
Increased interest in buying banking stocks and announcements made by Mukesh Ambani during the Annual General Meeting of Reliance Industries Limited also reportedly helped bulls in the market to have a dream run.
Market analysts had earlier forecasted bearish performance in the stock market as high volatility in the capital markets around the world and concerns regarding interest rate hikes kept investors cautious.
It is also important to note that Indian stocks are currently performing at a premium valuation compared to stock exchanges of other emerging economies. This phenomenon also makes sure that foreign investors don’t lose hope in Indian stocks.
Along with stocks, the Indian rupee also made the biggest one-day gain of one year as the partially convertible rupee surged 0.6% to 79.45. This has been one of the biggest sessions for Indian rupee since Aug 27, 2021
Sensex
S&P BSE Sensex of the Bombay Stock Exchange gained 1564 points on Tuesday to close the market above the 59k mark of 59,537.07. Sensex which closed at 57,972.62 on Monday opened at 58,259.85 today and went as high as 59,599.78.
Top gainers on Tuesday were Bajaj Finserve, Bajaj Finance, Indus Ind Bank. Tech Mahindra, ICICI Bank and Kotak Mahindra Bank.
Shares of Reliance Industries Limited, which made huge announcement plans yesterday during its AGM, increased by 40.30 rupees on Tuesday to conclude trading at 2,637.95 rupees per share.
All 30 stocks listed on S&P BSE Sensex gained on Tuesday.
Out of 3552 stocks traded on the Bombay Stock Exchange, 2,328 stocks advanced while 1,095 stocks suffered losses. The share value of 129 stocks remained unchanged during the trading day.
The most fascinating statistic is that more than 200 stocks touched their 52-WEEK-HIGH stock value levels.
Nifty 50
The benchmark index of the National Stock Exchange, Nifty 50, gained 446.40 points today to close the market at the last traded price of 17,759.30.
The top gainers on Nifty 50 were Bajaj Finserve, Bajaj Finance, Indus Ind Bank. Tech Mahindra, ICICI Bank, Tata Motors and Tata Steel.
All 50 stocks traded on Nifty 50 made profits on Tuesday as support from foreign institutional investors and foreign portfolio investors continued during the trading day.
Foreign institutional investors and foreign portfolio investors were net buyers on Tuesday as they purchased shares worth 16,145.25 crores and sold shares worth 11,979.39 to close the market at a net value of investments of 4,165.86 crores.