Stock Market Today: Sensex, Nifty jump as IT stocks rally ahead of US Election Results 2024

Stock Market Today: Equity benchmark indices Sensex and Nifty opened higher on Wednesday, supported by gains in IT stocks and a rally in US markets. BSE Sensex rose 338.1 points to reach 79,814.73 in early tre, while NSE Nifty vanced by 101.5 points to 24,314.80.

Among Sensex’s 30 components, HCL Techlogies, Sun Pharma, Infosys , Bajaj Finance, Bajaj Finserv, Maruti, NTPC, Tech Mahindra , and Tata Consultancy Services emerged as top gainers. Conversely, Titan, Tata Steel, Hindustan Unilever , and JSW Steel saw declines.

In Asia, markets in Tokyo and Shanghai tred higher, while Seoul and Hong Kong posted losses. On Wall Street, major indices closed sharply higher on Tuesday.

Meanwhile, Brent crude, global oil benchmark, dropped 0.94 per cent to USD 74.82 per barrel. Data from exchanges showed that Foreign Institutional Investors (FIIs) offloed equities worth Rs 2,569.41 crore on Tuesday, whereas Domestic Institutional Investors (DIIs) purchased shares valued at Rs 3,030.96 crore.

“ sharp rebound in market yesterday suggests a pause in recent downtrend. fact that fairly valued, fundamentally strong large-cap banking stocks are leing rebound hints at a possible continuation of this trend. However, weak Q2 earnings growth and FY25 earnings downgres pose challenges to a sustained rally,” ted V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

He furr mentioned that market’s focus on US elections is likely to be short-lived, with ecomic fundamentals expected to set longer-term trend.

On Tuesday, BSE benchmark rebounded from Monday’s steep decline, gaining 694.39 points or 0.88 per cent to close at 79,476.63. Nifty rose by 217.95 points or 0.91 per cent, ending session at 24,213.30.

(With PTI inputs)