Stock Market Bounces Back On Value Buying; Sensex Up 585 Points

Stock Market Today: The Indian stock market bounced back on Wednesday after two days of massive selling off. Key equity indices--Sensex, Nifty--traded sharply higher in early trade on buying in blue-chip stocks at lower levels. BSE Sensex, the 30-share index, opened with a decent gap of over 100 points at 77,192, against the previous day's closing of 77,054.94. It further escalated momentum amid buying interest, hitting an early high of 77,641.86, up nearly 585 points.

Last seen, Sensex was trading at 77,548.70, up 0.64 per cent or 493.77 points higher. Nifty50 quoted at 24,199.45, up 0.61 per cent or 147.40 points.

Buying bank stocks and softer-than-expected US inflation data fueled expectations that the Federal Reserve may adopt a less aggressive monetary policy stance in the coming months.

"Indian markets opened on a steady note, witnessing broad-based buying interest in early trade, led by banking and financial stocks. Investor sentiment improved after softer-than-expected U.S. consumer inflation data strengthened expectations that the Federal Reserve may adopt a less aggressive monetary policy stance, providing support to global equities," said Ponmudi R, CEO of Enrich Money.  

"However, the broader geopolitical backdrop remains uncertain. U.S. President Donald Trump has threatened fresh strikes on Iranian power infrastructure as the United States continued its naval blockade and launched additional military operations, keeping concerns over the Middle East conflict elevated and limiting overall risk appetite," Ponmudi added. 

Top Gainers And Losers

Indigo, Bajaj Finance, SBI, Axis Bank, Ultratech Cement, Asian Paint, ICICI Bank, HDFC Bank, Eternal, Sun Pharma, Reliance, HCL Tech, ITC and Bajaj FinServ were the top gainers from the Sensex basket in early trade.

On the other hand, NTPC, PowerGrid, Hindustan Unilever, Infosys, L&T, and TCS were the top losers.