August 14th 2024.
In Mumbai, the stock market showed signs of recovery as the benchmark Sensex closed higher by 150 points on Wednesday, breaking its two-day losing streak. This was largely due to a surge in IT stocks and a positive trend in the US markets.
The 30-share BSE Sensex saw an increase of 149.85 points or 0.19 per cent, settling at 79,105.88. Throughout the day, it climbed 272.91 points or 0.34 per cent, reaching a high of 79,228.94. Similarly, the NSE Nifty closed slightly up by 4.75 points or 0.02 per cent at 24,143.75.
Among the major companies listed on the Sensex, Tata Consultancy Services, HCL Technologies, Tech Mahindra, Infosys, Mahindra & Mahindra, and Tata Motors experienced the biggest gains. On the other hand, UltraTech Cement, JSW Steel, Tata Steel, Adani Ports, Power Grid, and Bajaj Finserv were among the laggards.
The mining sector took a hit after the Supreme Court rejected the Centre's plea for a prospective effect of its July 25 verdict. This verdict upheld the power of states to levy tax on mineral rights and mineral-bearing land and allowed them to seek a refund of royalty from April 1, 2005 onwards.
In Asian markets, Seoul and Tokyo saw positive settlements while Shanghai and Hong Kong ended the day on a lower note. Meanwhile, European markets were trading in positive territory. The US markets had a significant increase on Tuesday.
According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the PPI numbers from the US show a decline in inflation, and this trend is expected to be confirmed by the CPI numbers coming in later today. The US market had already shown an increase in anticipation of this and a potential rate cut by the Fed in September.
Exchange data shows that Foreign Institutional Investors offloaded equities worth Rs 2,107.17 crore on Tuesday while Domestic Institutional Investors purchased equities worth Rs 1,239.96 crore.
Meanwhile, the global oil benchmark Brent crude saw an increase of 0.59 per cent, reaching $81.17 a barrel.
The previous day, the BSE benchmark had seen a drop of 692.89 points or 0.87 per cent, settling at 78,956.03. Similarly, the NSE Nifty had slumped 208 points or 0.85 per cent to 24,139. Overall, the market showed signs of improvement and investors remained hopeful for a positive trend in the coming days.
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