Sensex snaps two-day losing streak on rebound in IT shares

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Benchmark Sensex closed higher by 150 points on Wednesday (August 14, 2024), snapping its two-day losing streak following a rally in IT stocks amid a surge in the U.S. markets.

The 30-share BSE Sensex rose by 149.85 points or 0.19% to settle at 79,105.88. During the day, it gained 272.91 points or 0.34% to hit a high of 79,228.94.

The NSE Nifty closed marginally up by 4.75 points or 0.02% at 24,143.75.

Among Sensex firms, Tata Consultancy Services, HCL Technologies, Tech Mahindra, Infosys, Mahindra & Mahindra and Tata Motors were the biggest gainers.

UltraTech Cement, JSW Steel, Tata Steel, Adani Ports, Power Grid and Bajaj Finserv were among the laggards.

Mining shares declined after the Supreme Court rejected the Centre’s plea for prospective effect of its July 25 verdict, which upheld the power of states to levy tax on mineral rights and mineral-bearing land, and allowed them to seek a refund of royalty from April 1, 2005 onwards.

In Asian markets, Seoul and Tokyo settled higher while Shanghai and Hong Kong ended lower.

European markets were trading in positive territory. The U.S. markets ended significantly higher on Tuesday (August 13, 2024).

“The PPI (Producer Price Inflation) numbers from the U.S. indicate softening of inflation, and a confirmation of this declining trend is likely from the CPI numbers coming today. The U.S. market moved up yesterday in anticipation of this and a rate cut by the Fed in September,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,107.17 crore on Tuesday, according to exchange data, while Domestic Institutional Investors (DIIs) bought equities worth ₹1,239.96 crore.

Global oil benchmark Brent crude climbed 0.59% to $81.17 a barrel.

The BSE benchmark tumbled 692.89 points or 0.87% to settle at 78,956.03 on Tuesday. The NSE Nifty slumped 208 points or 0.85% to 24,139.