Stock markets snap 3-day slump, Sensex jumps 875 points on value buying

Mumbai, Aug 7 (PTI) Benchmark stock indices Sensex and Nifty bounced back sharply on Wednesday after three straight days of massive decline following a rally in global peers and value-buying at lower levels.

The 30-share BSE Sensex rallied 874.94 points or 1.11 per cent to settle at 79,468.01. During the day, it jumped 1,046.13 points or 1.33 per cent to 79,639.20.

The NSE Nifty jumped 304.95 points or 1.27 per cent to 24,297.50. Intra-day, it surged 345.15 points or 1.43 per cent to 24,337.70.

Among the 30 Sensex firms, Adani Ports and Power Grid climbed over 3 per cent each. Tata Steel, JSW Steel, Infosys, Mahindra & Mahindra, Maruti, and Larsen & Toubro were the other big gainers.

IndusInd Bank, Bharti Airtel, Hindustan Unilever, Tech Mahindra and Titan were the laggards.

Asian markets settled in the positive territory, where Seoul, Tokyo, Shanghai and Hong Kong ended significantly higher.

European markets also rallied. The US markets ended higher on Tuesday.

“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,” said Vinod Nair, Head of Research, 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 jumped 1.12 per cent to USD 77.34 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.