Stock Market Today: Benchmark Equity indices BSE Sensex and NSE Nifty started the day on a positive note on Wednesday
Stock Markets Today: On Wednesday, Indian benchmark indices witnessed a strong start as global markets opened with gains. BSE Sensex surged by 1,000 points, crossing the 79,000 mark, while NSE Nifty also made notable gains, trading above 24,200, up by more than 1 per cent.
Global markets made a U-turn on Tuesday as bullish sentiment dominated the Wall Street. "Major U.S. equities indices rebounded on Tuesday following three turbulent days of trading that saw heightened levels of economic uncertainty send stocks tumbling. Yields on U.S. government debt rose on Tuesday by the most in at least a month as risk-off sentiment in financial markets faded," said Deepak Jasani, Head of Retail Research at HDFC Securities.
Among the 30 Sensex firms, Maruti, Infosys, UltraTech Cement, Adani Ports, JSW Steel and HCL Technologies were the biggest gainers.
Asian Paints, Kotak Mahindra Bank, Bharti Airtel and Titan were the laggards.
Asian markets were also trading in the positive territory, where Seoul, Tokyo, Shanghai and Hong Kong were quoting significantly higher.
The US markets ended higher on Tuesday.
"After the twin jolts from US recession fears and the unwinding of the Yen carry trade, stock markets globally are slowly limping back to stability. Even though FIIs were big sellers in India in the cash market during the last three days, their selling is being matched by DII (Domestic Institutional Investors) buying. This countervailing investment by DIIs can impart resilience to the market," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,531.24 crore on Tuesday, according to exchange data.
DIIs bought equities worth Rs 3,357.45 crore on Tuesday.
Global oil benchmark Brent crude climbed 0.14 per cent to USD 76.59 a barrel.
Falling for the third straight day on Tuesday, the BSE benchmark settled at 78,593.07, down 166.33 points or 0.21 per cent. Similarly, the Nifty declined 63.05 points or 0.26 per cent to settle below the 24,000 level at 23,992.55.
(With inputs from PTI)