Sensex, Nifty rebound sharply after five-day slump, buoyed by value buying
Mumbai: Equity benchmark indices Sensex and Nifty staged a strong recovery on Monday, December 23, 2024, rebounding sharply after five consecutive days of steep losses, media reports said.
The rally was driven by value buying at lower levels and positive cues from global markets, PTI reported.
Significant buying in bluechip stocks such as ITC, HDFC Bank, and Reliance Industries further bolstered market recovery.
The BSE Sensex climbed 498.58 points (0.64%) to close at 78,540.17, after surging 876.53 points (1.12%) intraday to hit 78,918.12. Meanwhile, the NSE Nifty advanced 165.95 points (0.70%) to end at 23,753.45.
Among the Sensex constituents, ITC, Tech Mahindra, HDFC Bank, Reliance Industries, IndusInd Bank, Titan, State Bank of India, and ICICI Bank were the top gainers.
Conversely, Zomato, Maruti, Nestle, HCL Tech, Bajaj Finserv, and Tata Motors were the major laggards.
In Asia, markets in Seoul, Tokyo, and Hong Kong closed higher, while Shanghai ended in the red.
European markets were largely trading lower, whereas Wall Street closed higher on Friday, December 20, 2024.
Over the previous week, the Sensex had plunged 4,091.53 points (4.98%), and the Nifty declined 1,180.8 points (4.76%), as foreign institutional investors (FIIs) offloaded equities worth Rs 3,597.82 crore on Friday.
On the commodities front, Brent crude, the global oil benchmark, edged up 0.44% to $73.26 a barrel.
On Friday, the Sensex had dropped 1,176.46 points (1.49%) to settle at 78,041.59, while the Nifty fell 364.20 points (1.52%) to close at 23,587.50.
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