Stock market recovers after early slide; LIC shares surge by 5 per cent

Stock market opens in red day after RBI policy rate announcement; Paytm shares 2% down

Updated on: Feb 9, 2024, 10:10:55 IST

By HT News Desk

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The stock market recovered after opening in the red on Friday, this day after the Reserve Bank of India decided to keep the policy rates unchanged. The BSE benchmark Sensex was 91 points up at 71,520. The NSE index Nifty was trading at 21,754.

The shares of Life Insurance Corporation were trading above 5 per cent high a day after hitting an all-time high.

Among the Sensex firms, Reliance Industries, Wipro, State Bank of India, Tata Consultancy Services, Bajaj Finance, Axis Bank, ICICI Bank and Tech Mahindra were the major gainers.

A man looks at a screen across a road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai. (REUTERS)

Bharti Airtel, Maruti, Mahindra & Mahindra, Infosys, HDFC Bank and Kotak Mahindra Bank were among the laggards.

In Asian markets, Tokyo and Shanghai were quoting in the positive territory while Hong Kong traded lower.

The US markets ended in the green on Thursday.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹4,933.78 crore on Thursday, according to exchange data.

The BSE benchmark fell by 723.57 points or 1 per cent to settle at 71,428.43 on Thursday amid uncertainty about the timing of interest rate reduction after the Reserve Bank of India's monetary policy decision. The Nifty declined by 212.55 points or 0.97 per cent to 21,717.95.

Global oil benchmark Brent crude climbed 0.09 per cent to USD 81.70 a barrel.

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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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