Sensex climbs 362 points, Nifty closes above 25,000 mark on gains in IT, telecom shares

People walk past the Bombay Stock Exchange (BSE) building, in Mumbai.
| Photo Credit: PTI

Benchmark Sensex climbed nearly 362 points while Nifty ended above 25,000 level higher on Tuesday (September 10, 2024), marking their second straight day of gains following a rebound in the U.S. markets and fresh foreign fund inflows.

The 30-share BSE Sensex climbed 361.75 points or 0.44% to settle at 81,921.29 driven by gains in IT, telecom and select banking shares. During the day, it jumped 637.01 points or 0.78% to 82,196.55.

The NSE Nifty surged 104.70 points or 0.42% to 25,041.10.

Among the 30 Sensex firms, NTPC, HCL Technologies, Bharti Airtel, Tech Mahindra, Power Grid, Axis Bank, Tata Consultancy Services and Adani Ports were the biggest gainers.

Bajaj Finserv, Bajaj Finance, Hindustan Unilever, Mahindra & Mahindra, Tata Motors and State Bank of India were among the laggards.

“The domestic market showcased a gradual rebound driven by the shift in focus towards upcoming U.S. inflation and potential FED policy stance. The U.S. political risk and recession fears may set near-term cautious sentiments in the global market.

“On the domestic front, a strong monsoon, and an expectation of an uptick in demand during festival season will drive investor sentiment,” Vinod Nair, Head of Research, Geojit Financial Services, said.

In the broader market, the BSE smallcap gauge climbed 1.53% and the midcap index went up 0.53%.

Among the indices, telecommunication jumped 2%, utilities (1.76%), power (1.74%), teck (1.62%), IT (1.52%), industrials (1.25%), services (1.20%) and healthcare (1.10%).

Financial Services, oil & gas were the laggards.

A total of 2,587 stocks advanced while 1,352 declined and 103 remained unchanged on the BSE.

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

European markets were trading on a mixed note. The U.S. markets ended significantly higher on Monday.

Foreign Institutional Investors (FIIs) bought equities worth ₹1,176.55 crore on Monday, according to exchange data. Domestic Institutional Investors (DIIs) also bought equities worth ₹1,757.02 crore.

Global oil benchmark Brent crude declined 1.39% to $70.84 a barrel.

“With an overnight rebound on Wall Street, strong net buying from both FIIs and DIIs, and sluggish oil prices, bullish traders are expected to pursue bargains,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.