The stock market, which has been facing a continuous decline, made a strong comeback today. It opened on a positive note with significant gains. As of 9:27 AM, the benchmark Sensex of the Bombay Stock Exchange (BSE) was trading at 77,888.60, registering a robust rise of 543.14 points. Similarly, the Nifty of the National Stock Exchange (NSE) was trading at 23,625.90, showing a gain of 172.1 points. At the start of trading, all the sectoral indices were performing well and trading in the green zone, indicating widespread positivity across the market.
Top Gainers and Top Losers
On the sectoral front, indices for auto, oil and gas, power, realty, telecom, and media stocks showed gains of 1-2% during the day. Among the top gainers on the Nifty were Trent, BPCL, Infosys, NTPC, and Adani Ports. These stocks posted significant gains, helping push the market upwards. On the other hand, Dr Reddy’s Labs, Shriram Finance, SBI Life Insurance, Asian Paints, and JSW Steel were the major losers, experiencing declines throughout the session.
Asian Market Performance Today
Asian stocks rose on Tuesday, while US bond yields and the dollar retreated from multi-month highs. Tech stocks rose, tracking Wall Street’s recovery from last week’s massive losses, although Nvidia’s upcoming earnings on Wednesday limited the scope for major changes. However, the upcoming earnings report from Nvidia on Wednesday limited the potential for major market movements.
Markets have adjusted their expectations for a quarter-point interest rate cut by the Federal Reserve at its next meeting in December. The likelihood of this cut has dropped to below 59%, from 62% the previous day, and over 65% just a week ago, according to CME FedWatch data.
Key Movements in Major Asian Markets
- Japan’s Nikkei rose by 0.2% as of 0129 GMT.
- South Korea’s Kospi added 0.1%, reflecting modest gains.
- Australia’s equity benchmark also saw a 0.1% increase.
- Hong Kong’s Hang Seng advanced by 0.8%, while mainland blue-chip stocks rose by 0.3%.
- U.S. S&P 500 futures showed a slight decline, following a 0.4% gain in the cash index overnight.
These movements suggest a steady recovery in Asian markets, with investors reacting to the stabilization in the U.S. financial landscape and adjusting their positions ahead of key economic reports.