Stock markets snap 3-day slump, Sensex jumps 875 points on value buying

New Delhi: The Sensex and Nifty, major stock indices, saw a significant rebound on Wednesday after three days of heavy losses, driven by a surge in international markets and investors buying stocks at reduced prices. The BSE Sensex with 30 shares surged by 874.94 points or 1.11 pc to close at 79,468.01. Throughout the day, it increased by 1,046.13 points or 1.33 percent, reaching 79,639.20.

The NSE Nifty surged by 304.95 points, equivalent to 1.27% to reach 24,297.50. Throughout the day, it jumped by 345.15 points or 1.43 percent to reach 24,337.70. Out of the 30 companies listed on the Sensex, Adani Ports and Power Grid both saw an increase of more than 3 percent. Other notable gainers included Tata Steel, JSW Steel, Infosys, Mahindra & Mahindra, Maruti, and Larsen & Toubro. IndusInd Bank, Bharti Airtel, Hindustan Unilever, Tech Mahindra and Titan were the underperformers.

Asian markets closed with gains, as Seoul, Tokyo, Shanghai, and Hong Kong finished notably higher. European markets experienced a surge in activity as well. Tuesday saw a rise in US market closing figures. Global markets saw a significant recovery following the reassurance from the BoJ's Deputy Governor that interest rates would not be increased amidst financial uncertainty. Vinod Nair, Head of Research at Geojit Financial Services, stated that the real estate sector experienced a rebound thanks to the reimplementation of indexation benefits, amidst widespread buying in various sectors in the Indian market.

According to data from the exchange, Foreign Institutional Investors (FIIs) sold equities amounting to Rs 3,531.24 crore on Tuesday. On Tuesday, domestic institutional investors purchased shares worth Rs 3,357.45 crore. The worldwide oil standard, Brent crude, surged 1.12 percent to reach USD 77.34 per barrel. On Tuesday, for the third consecutive day, the BSE benchmark dropped to 78,593.07, decreasing by 166.33 points or 0.21 percent. In the same way, the Nifty dropped 63.05 points or 0.26 pc to end below 24,000 at 23,992.55.