Mumbai, Feb 4 (PTI) – Benchmark stock indices Sensex and Nifty staged a strong rebound on Tuesday, rallying nearly 2% in sync with a recovery in Asian markets. The surge followed US President Donald Trump's decision to delay tariffs on Mexico and Canada for a month, boosting investor sentiment.
The 30-share BSE Sensex skyrocketed 1,397.07 points (1.81%), closing at a one-month high of 78,583.81. During intraday trade, it soared 1,471.85 points (1.90%) to reach 78,658.59. Meanwhile, the broader NSE Nifty surged 378.20 points (1.62%) to 23,739.25, a level last seen on January 3.
On the flip side, ITC Hotels, Zomato, Nestle, and Maruti were among the laggards.
Vinod Nair, Head of Research at Geojit Financial Services, commented on the market movement:
"Yesterday, the Indian market struggled to absorb the optimism from the Union Budget due to heightened geopolitical risks from Trump's tariff war. However, India is likely to outperform in a weak global market. The recent rebound in global sentiment has fueled a sharp surge in domestic equities."
The 30-share BSE Sensex skyrocketed 1,397.07 points (1.81%), closing at a one-month high of 78,583.81. During intraday trade, it soared 1,471.85 points (1.90%) to reach 78,658.59. Meanwhile, the broader NSE Nifty surged 378.20 points (1.62%) to 23,739.25, a level last seen on January 3.
Top Gainers and Losers
Among the Sensex constituents, Larsen & Toubro led the charge, jumping nearly 5%. Other major gainers included Adani Ports, IndusInd Bank, Tata Motors, Reliance Industries, UltraTech Cement, and Asian Paints.On the flip side, ITC Hotels, Zomato, Nestle, and Maruti were among the laggards.
Global Market Influence
Asian markets saw a significant uptick, with Seoul, Tokyo, and Hong Kong closing higher. However, European markets traded mostly lower, and US markets ended in negative territory on Monday.Vinod Nair, Head of Research at Geojit Financial Services, commented on the market movement:
"Yesterday, the Indian market struggled to absorb the optimism from the Union Budget due to heightened geopolitical risks from Trump's tariff war. However, India is likely to outperform in a weak global market. The recent rebound in global sentiment has fueled a sharp surge in domestic equities."
Other Market Factors
- Brent Crude Oil: The global benchmark fell 1.05% to USD 75.16 per barrel.
- Foreign Institutional Investors (FIIs): Continued their selling spree, offloading equities worth ₹3,958.37 crore on Monday, according to exchange data.
Monday’s Market Recap
Prior to today’s rebound, markets had faced a dip. On Monday:- Sensex declined 319.22 points (0.41%), closing at 77,186.74, breaking a five-day winning streak.
- Nifty fell 121.10 points (0.52%) to 23,361.05.
