Wed Jan 08 15:01:23 UTC 2025: **Indian Stock Markets Rebound After Monday’s Drop**
MUMBAI, INDIA – January 7, 2024 – India’s stock markets staged a strong recovery on Tuesday, rebounding sharply from Monday’s significant losses. The benchmark BSE Sensex closed 0.30 percent higher at 78,199.11, gaining 234.12 points, while the Nifty 50 index rose 0.39 percent to finish at 23,707.90.
The rebound followed a turbulent Monday, where the Sensex plunged 1,258.12 points (1.59%) and the Nifty dropped 388.70 points (1.62%) due to concerns about a new virus outbreak in China. However, positive cues from Asian and US markets, particularly a tech rally on Wall Street, fueled Tuesday’s recovery.
Tata Motors led the gains among Sensex components, with its shares rising by 2 percent. Zomato experienced the largest decline. Several stocks reached new 52-week highs, including Cantabil Retail India, Aster DM Healthcare, IPCA Laboratories, Abbott India, and ITI. Conversely, PVR Inox, Dish TV India, Allcargo Logistics, Yes Bank, and Rajratan Global Wire hit new 52-week lows. Among banking stocks, Punjab National Bank, Bank of Baroda, AU Small Finance Bank, ICICI Bank, and IndusInd Bank were top gainers, while HDFC Bank lagged.
Early trading saw significant gains, with the Sensex briefly touching 78,385 and the Nifty reaching 23,750. ONGC, Tata Consumer, and Reliance Industries were among the top performers in the morning session. However, TCS, Tech Mahindra, HCL Tech, BPCL, and Wipro were among the top losers. Intraday highs and lows were also recorded for both indices.
The positive sentiment was also reflected in the GIFT Nifty, trading near 23,775, indicating a strong start for the Indian markets. The overall market recovery suggests investor confidence is returning, though anxieties remain given recent global uncertainties.
First Piper 