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Sensex jumps 600 points and Nifty reclaims 24,200 in intraday rally
The broad rebound lifted market cap of BSE-listed firms to over ₹492 lakh crore, up about ₹3 lakh crore from the prior session.
Indian benchmarks rose on Thursday, with the Sensex gaining more than 600 points to an intraday high of 77,514 and the Nifty 50 reclaiming the 24,200 level during intraday trade.
Around 12:10 PM, the Sensex was up 532 points, or 0.69%, at 77,442, while the Nifty was up 136 points, or 0.56%, at 24,214. The advance was broad-based, with the Nifty Midcap 150 up 0.69% and the Nifty Smallcap 250 up 0.88%.
LiveMint Markets attributed the move to a rebound linked to short covering after a prolonged downtrend. The prior seven sessions saw the Nifty decline 2% and the Sensex fall 1.5% over four days, setting up what Geojit Investments Chief Investment Strategist VK Vijayakumar described as oversold conditions and a likely short-term reversal.
The outlet also pointed to easing global rate and dollar pressures, noting that the dollar index fell 0.83% and 10-year bond yields dropped 1.13% on August 19 after the US Treasury Department said it would double the size of liquidity support buyback operations for longer-dated notes and bonds. During trade on August 20, 10-year bond yields declined a further 0.20% to 4.64%, while USD Index Futures were flat, alongside ongoing concerns about elevated oil prices and their impact on India’s fiscal position and growth-corporate earnings outlook.
Latest closeSensex 78,079.96 ▲0.1%|Dollar index 99.64 ▼0.3%