Sensex and Nifty rally around 1% as easing oil prices, foreign fund inflows, positive global cues and buying in IT and financial shares boosted market sentiment.

Stock Market Today, June 24.

Indian equity benchmarks staged a strong comeback on Wednesday, recovering most of the losses from the previous session as buying in banking and IT stocks, easing geopolitical tensions in West Asia and falling crude oil prices boosted investor sentiment.

The BSE Sensex ended at 76,991.22, up 790.54 points or 1.04%, while the Nifty 50 settled at 24,021.65, gaining 197.55 points or 0.83%. During the session, the Sensex touched an intraday high of 77,190.37, while the Nifty climbed to 24,090.05.

Lower Crude Oil Prices

A decline in crude oil prices provided a major boost to market sentiment. Brent crude, the global oil benchmark, was trading 1.02% lower at $76.29 per barrel in futures trade. Lower oil prices are positive for India as they help reduce inflationary pressures, improve the current account balance and ease concerns over corporate costs.

FII Buying Returns

Foreign Institutional Investors (FIIs) turned net buyers on Tuesday, purchasing Indian equities worth Rs 17.86 crore. The return of foreign buying, though modest, helped improve market sentiment after weeks of heavy overseas outflows and signalled stabilising investor confidence in Indian equities.

India-US Trade Deal Hopes

Investor sentiment also received support from reports that India and the United States are close to finalising a bilateral trade agreement. A senior US official said the two countries are “very, very close” to concluding a trade deal that would provide greater market access and strengthen economic ties, raising hopes of improved trade and investment flows.

Firm Asian Markets

Positive cues from Asian markets also aided domestic equities. South Korean shares, which plunged 10% on Tuesday in their sharpest one-day drop since March, jumped 2.2%, while Hong Kong’s Hang Seng Index traded higher, helping improve risk appetite across regional markets.

Buying In IT And Banking Shares

Financial stocks emerged as the biggest drivers of the rally. The Nifty Bank index surged 1.69% to 58,150.35, while Nifty Financial Services gained 1.54% and Nifty Private Bank advanced 1.85%. Among Sensex constituents, ICICI Bank rose 2.65%, HDFC Bank gained 2.43%, Axis Bank climbed 1.50%, SBI advanced 1.04% and Kotak Mahindra Bank added 1.23%. Bajaj Finance was among the top gainers, rallying 2.96%, while Bajaj Finserv rose 0.74%.

Technology stocks witnessed strong buying after recent weakness, helping lift benchmark indices. The Nifty IT index jumped 2.05%, making it one of the best-performing sectoral indices of the day. Tech Mahindra surged 3.30%, TCS gained 2.36%, Infosys advanced 2.61%, while HCLTech rose 0.37%. The recovery in IT stocks came despite lingering concerns around global technology valuations following the recent sell-off in semiconductor shares.

About the Author

Mohammad HarisDeputy News Editor (Business)

Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalis…Read More

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