Mumbai (Maharashtra) [India], August 7 (ANI): The Indian stock market, on Wednesday, retained its gain after suffering a historic bloodbath on Monday. Sensex surged 900 points snapping three-day losing streak.
The Nifty ended at 24,297.50, up 304.95 points or 1.27 and Sensex ended at 79,468.01, up 874.94 points or 1.11 per cent after the end of the trade.
Notably, 44 of the Nifty 50 stocks advanced, led by ONGC, Coal India, Adani Enterprises, and Adani Ports, which surged up to 7.45 per cent.
All the sectoral stocks on National Stock Exchange remained in green territory with Oil and Gas, Metal and Pharma taking the lead.
“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. The Indian market also witnessed broad-based buying across sectors, with the realty sector seeing a relief rally due to the reinstatement of indexation benefits. The carry trade issue appears to have been eased for now and the focus is on the ongoing RBI policy, which is likely to hold the rate and positive economic outlook,” said Vinod Nair, Head of Research, Geojit Financial Services.
The Indian Rupee fell to a record low of 83.9725 against the US Dollar, surpassing its previous low of 83.96 due to strong dollar bids and importer hedging.
The Rupee is expected to trade with a negative bias amid a stronger US Dollar and geopolitical tensions in the Middle East, though positive global equities and potential RBI interventions might offer support.
USD-INR spot prices are projected to range between Rs 83.75 and Rs 84.20.
“The recent amendment to the finance bill, allowing taxpayers to choose between a 12.5 per cent LTCG rate without indexation or a 20% rate with indexation, provides relief to middle-class homeowners and is expected to boost the real estate sector,” said Varun Aggarwal MD, Profit Idea.
Gold and silver prices have rebounded slightly after recent declines, influenced by weaker US manufacturing data and concerns about a potential recession. Key sectors showed varied performance: Insurance (+16.11 per cent), Shipbuilding (+15.82 per cent), and Containers & Packaging (+12.22 per cent) led gains, while Plastic Products (-4.05 per cent) and Manufacturing (-2.98%) faced declines. The market outlook remains influenced by global economic conditions and sector-specific trends. (ANI)
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