Sensex jumps 900 points to reclaim 75,000; Nifty crosses 22,750 amid strong global cues driving market rally
Investors were looking for bargains following the recent market decline that led to all-encompassing buying. It was reported that the Nifty Bank index was trading higher than 49,000.
Sensex jumps 900 points to reclaim 75,000; Nifty crosses 22,750 amid strong global cues driving market rally
Stock market today: Equity benchmark indexes Sensex and Nifty increased on Tuesday, following positive global trends and a strong demand for bank stocks in addition to other factors.
BSE Sensex jumped 900.69 points or 1.21 percent, to reach an intraday maximum of 75,070.64. The broad NSE Nifty climbed 265.1 points or 1.17 percent to hit 22,773.85.
ICICI Bank, Zomato, Mahindra & Mahindra, Tata Motors, Larsen & Toubro, Hindustan Unilever, Power Grid and Adani Anchorages were among the biggest earnings.
The key drivers of the rally
1.) Global market signals: A firm trend in global equity markets has boosted investors' mood. Also, on Wall Street, crucial indicators increased their earnings for the alternate successive session on Monday The Dow Jones Industrial Average rising 353.44 points or 0.85 percent to 41,841.63. The S&P 500 added 36.18 points, or 0.64 chance to 5,675.12 The Nasdaq Composite increased 54.58 points, or 0.31 percent, to 17,808.66.
2.) Valuation buying: The market was flooded with bargains following the recent market correction which led to a broad-based buying spree. It was reported that the Nifty Bank index was over 49,000.
3) Favourable macroeconomic trends: A rise in GDP for the quarter ended March 31, FY25, to 6.2 percent as well as the 5.1 percent increase of industrial production (IIP) and an increase of 16 percent in tax collections for gross and a drop of retail prices from 3.6 percent to 3.6 percent also helped the market rally.
4) More robust rupee: The rupee climbed 10 percent in value to 86.71 in comparison to the US dollar in the early trading thanks to positive developments in equity markets and a strong Asian exchange basket. The rupee on Monday gained 24 paise, closing at 86.81.
