Markets Surge: Sensex jumps 368 points, Nifty nears 25,000 mark on strong cues

Indian stock markets opened strong on Wednesday with Sensex and Nifty gaining sharply. Investor sentiment improved due to global cues, strong corporate earnings, and positive signals from US-India relations.

New Delhi: The domestic stock market started very strongly on Wednesday. As soon as the market opened, both Sensex and Nifty saw a good rise, which boosted the morale of investors, and positive sentiment remained in the market.

Strong start of Sensex and Nifty

Around 9:15 am, the Sensex jumped 368.18 points to reach the level of 81,469.50. At the same time, Nifty was also seen trading at 24,974.15 with a gain of 105.55 points. Nifty tried to touch the level of 25,000, which is considered an important psychological level in the market.

Settlement holiday and stock market: What will be the effect on September 8?

There were many reasons behind this rise—strong global signals, good quarterly results of corporate companies, and strong buying by investors in select sectors were the main ones.

Which sectors and stocks showed strength?

Stocks of banking, IT, auto, and FMCG sectors saw tremendous growth. Nifty's top gainers included:

• TCS
• Jio Financial
• HCL Technologies
• Tech Mahindra
• Larsen & Toubro (L\&T)

The shares of these companies played a big role in lifting the market. At the same time, some big auto and metal companies also saw a decline. Top losers included:

• Hero Motocorp
• Maruti Suzuki
• Tata Motors
• Hindalco
• Tata Steel

Political signals strengthening sentiment

Geojit Investments Chief Strategist V.K. Vijaykumar said that the market also got support from the initiative of US President Donald Trump to improve India-US relations and the positive response of Prime Minister Narendra Modi. This signal is being considered an important positive signal for the market.

Slight strength of rupee

Along with the stock market, the currency market also saw slight strength on Wednesday. In early trade, the rupee strengthened by 5 paise to 88.10 against the US dollar.

This rise came mainly due to investment by foreign investors and weakness in the dollar. However, a slight increase in crude oil prices globally prevented the rupee from rising much.

Wednesday was a positive day for the domestic market. While on the one hand there was a strong rise in the Sensex and Nifty, on the other hand, the strength of the rupee also strengthened the economic indicators. Investors will now be interested in good corporate results and global political developments.