E-Paper
Stock market recovers from early blows as Sensex jumps by 700 points at close, Nifty at 21,453
Sensex and Nifty both closed at a significant high than yesterday, recovering from the stock market bloodbath.
Sensex and Nifty closed in the green on Wednesday, just a day after a major market crash where the benchmark BSE index fell more than 1000 points.
After opening in red, the Sensex recovered with a spike of over 750 points, while Nifty was up over 200 points today.
As the markets closed on Wednesday, Sensex was up by over 689 points at 71,060, while the NSE Nifty was up by 215 points, closing at 21,453.
Both NSE Nifty and BSE Sensex saw a major drop on Tuesday, when the markets opened for the week, as Sensex dropped by 1060 points while Nifty dropped by around 400 points, slipping under 21,500 for the first time in days.
The top gainer of the day Hindalco Industries, up by 4.41 percent, and Dr Reddy's Labs, up by 4 percent. Tata Steel shares were also up today in view of its Q3 profit announcement scheduled for Wednesday, up by 3.88 percent.
Nifty Bank continues to remain under strain as the top losers on the stock market for the day were ICICI Bank and Axis Bank, their share prices down 2.99 and 2.72 percent, respectively.
The Indian stock market maintained its volatility throughout the day, opening in the red on Wednesday morning after a major crash the previous day, but recovering during the later trading hours.
Nifty has been trading in the 21,500-21,700 segment for a couple of weeks, but ultimately crashed on Tuesday, slipping under the 21,500 mark, increasing selling pressure in the market.
Volatile stock market in January 2024
January 2024 has seen the the all-time high of both BSE Sensex and NSE Nifty, as well as the markets crashing over 1000 points twice in the span of two weeks.
The first time the markets crashed over 1000 points this month was on January 17, closing at 71,500 just two days after Sensex touched its lifetime high at over 73,300. Similarly with Nifty, it saw a steep fall of nearly 500 points on January 17, after crossing the 22,000 mark the day before.
The main reason behind the volatility of the markets is the FIIs offloading shares in abundance, as well as the Q3 results of major companies causing fluctuations in share prices.
