Stock Market Today: Sensex, Nifty jump as IT stocks rally ahead of US Election Results 2024

Stock Market Today: Equity benchmark indices Sensex and Nifty opened higher on Wednesday, supported by gains in IT stocks and a rally in the US markets. The BSE Sensex rose 338.1 points to reach 79,814.73 in early trade, while the NSE Nifty advanced by 101.5 points to 24,314.80.

Among the Sensex’s 30 components, HCL Technologies, Sun Pharma, Infosys , Bajaj Finance, Bajaj Finserv, Maruti, NTPC, Tech Mahindra , and Tata Consultancy Services emerged as top gainers. Conversely, Titan, Tata Steel, Hindustan Unilever , and JSW Steel saw declines.

In Asia, markets in Tokyo and Shanghai traded higher, while Seoul and Hong Kong posted losses. On Wall Street, major indices closed sharply higher on Tuesday.

Meanwhile, Brent crude, the global oil benchmark, dropped 0.94 per cent to USD 74.82 per barrel. Data from exchanges showed that Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,569.41 crore on Tuesday, whereas Domestic Institutional Investors (DIIs) purchased shares valued at Rs 3,030.96 crore.

“The sharp rebound in the market yesterday suggests a pause in the recent downtrend. The fact that fairly valued, fundamentally strong large-cap banking stocks are leading the rebound hints at a possible continuation of this trend. However, weak Q2 earnings growth and FY25 earnings downgrades pose challenges to a sustained rally,” noted V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

He further mentioned that the market’s focus on the US elections is likely to be short-lived, with economic fundamentals expected to set the longer-term trend.

On Tuesday, the BSE benchmark rebounded from Monday’s steep decline, gaining 694.39 points or 0.88 per cent to close at 79,476.63. The Nifty rose by 217.95 points or 0.91 per cent, ending the session at 24,213.30.

(With PTI inputs)