Sensex soars 800 points today: What's behind the rally and will it continue?

Buying was seen across all the sectors and the market capitalisation of all listed companies on BSE surged by ₹4.15 lakh crore.

Updated on: Aug 16, 2024, 11:43:54 IST

By HT News Desk

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Sensex and Nifty opened higher today (August 16) tracking positive cues from global peers as US economic data eased recession fears. Buying was seen across all the sectors and the market capitalisation of all listed companies on BSE surged by ₹4.15 lakh crore to ₹448.44 lakh crore. Sensex was trading 824 points higher at 79,930 and Nifty50 was up 244 points trading at 24,388.

Stock market today: A bird flies past a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai. (Reuters)

This comes as latest US consumer price data offered little deviation from expectations of September interest rate cut. US consumer prices rose moderately in July with annual inflation rate slowing to below 3% for the first time since 2021.

From Sensex pack, M&M, Tata Motors, Tech Mahindra, TCS, ICICI Bank, and HCL Tech opened with gains. Tata Steel, JSW Steel, IndusInd Bank, and Bharti Airtel also rose today. IT stocks also surged up to 3.5% led by LTTS and Mphasis.

"Investors are looking to capitalise on positive momentum from Wall Street. Traders are adopting a risk-on approach on easing U.S. recession concerns," said Prashanth Tapse, senior vice president of research at Mehta Equities.

Among individual stocks, auto maker Mahindra & Mahindra rose 3% after launching a five-door variant of its 'Thar' model.

Morgan Stanley reiterated its "overweight" rating on the stock, expecting a strong sales jump as it found the new variant "impressive". The stock was the top gainer on the Nifty 50 and auto index, which rose 1.75%.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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