Sensex rebounds after three-day fall amid stable macro cues

Mumbai, Aug 7: After three days of fall, Indian frontline indices Sensex and Nifty closed on a positive note on Wednesday after Bank of Japan (BoJ) Deputy Governor's comment that it won’t hike rates when markets are unstable, which led to optimism in the international markets as well.

At close on Wednesday, Sensex was at 79,468, up 874 points or 1.11 per cent, while Nifty was up 304 points or 1.27 per cent at 24,297.

On the Bombay Stock Exchange (BSE), 2,988 shares closed in the green, 945 shares in the red, and 98 shares without any change, which shows that the trend in the market remains positive.

Buying was also seen in the smallcap and midcap stocks. The Nifty Midcap 100 index closed at 56,873, up 1,358 points or 2.45 per cent, while the Nifty Smallcap 100 index closed at 18,383, up 511 points or 2.86 per cent.

Almost all the major indices closed in the green, with auto, IT, PSU bank, pharma, metal, realty, and media emerging as the major gainers.

In the Sensex pack, Power Grid, JSW Steel, Tata Steel, Infosys, Maruti Suzuki, M&M, UltraTech Cement, and L&T were the top gainers, while IndusInd Bank, HUL, Tech Mahindra, Titan, and Bharti Airtel were the top losers.

The India Vix fell by 13.71 per cent to 16.17, which shows that markets are stable compared to the previous session.

Experts feel that global markets experienced a notable rebound after the BoJ 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.

The Indian stock market opened with a gain on Wednesday. While Sensex opened 972 points or 1.24 per cent higher at 79,565, Nifty opened 296 points or 1.24 per cent higher at 24,289.