Global Rally Boosts Indian Markets: Significant Gains in Nifty and Sensex
Indian markets opened on a high, riding a global rally. Nifty 50 and BSE Sensex posted substantial gains. Sectoral indices and financial announcements contributed to the positive trend, while Asian and U.S. markets also saw significant upticks, further supporting the bullish sentiment.
![Global Rally Boosts Indian Markets: Significant Gains in Nifty and Sensex](https://devdiscourse.blob.core.windows.net/devnews/07_08_2024_09_52_48_4067762.jpg)
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Indian markets began Wednesday's trading session with substantial gains, propelled by a global rally. The Nifty 50 index opened at 24,289.40 points, soaring by 296.85 points or 1.24%, while the BSE Sensex started at 79,565.40 points, marking an increase of 972.33 points or 1.24%. In the Nifty 50 roster, 48 companies opened with advances, one declined, and one remained unchanged at the time of reporting.
The Nifty Next 50 index surged over 1.8% to 71,577.65 points, with the Nifty Midcap and Nifty Small Cap indices also contributing to the rally, each gaining over 1%. "Volatility signifies sharp moves, and we recommend avoiding trades. For investors, timing is ideal for long-term exposure to the India Growth Story," said Ajay Bagga, Banking and Market Expert, to ANI.
Most sectoral indices on the National Stock Exchange, such as Nifty Bank, Nifty Auto, Nifty FMCG, and Nifty IT, experienced approximately 1% growth. Additionally, Pidilite Industries, Godrej Consumers, Apollo Tyres, and Aditya Birla Fashion & Retail are slated to announce their first-quarter results today.
Asian markets rallied after the Bank of Japan chose not to hike interest rates to control market turmoil. Shinichi Uchida, Deputy Governor of the Bank of Japan, stated, "The Bank needs to maintain monetary easing with the current policy interest rate for now," in a post on X. Consequently, Japan's Nikkei 225 surged over 2%, Hong Kong's Hang Seng by over 1.26%, and Taiwan's Weighted Index gained more than 3.5% on Wednesday trading.
U.S. markets also ended Tuesday on a positive note, with the S&P 500 and Nasdaq indices each gaining over 1%, spurred by renewed dip buying.
(With inputs from agencies.)