Bulls roar back as Nifty reclaims 24,000, Sensex soars over 700 points

Key equity benchmarks rebounded sharply on Wednesday, with the Sensex rising over 700 points and the Nifty reclaiming the 24,000 mark. The sentiment was supported by easing concerns over interest rate hikes after RBI Governor Sanjay Malhotra said discussions on rate increases were premature. Sentiment was further aided by a recovery in South Korean markets, optimism over a potential India-US trade deal, a decline in crude oil prices below $77 per barrel, and foreign institutional investor buying. Gains in heavyweight IT and private banking stocks, lifted the indices.

The S&P BSE Sensex soared 790.54 points or 1.04% to 76,991.22. The Nifty 50 index rose 197.55 points or 0.83% to 24,021.65.

ICICI Bank (up 2.59%), Infosys (up 2.59%) and HDFC Bank (up 2.34%) boosted the Nifty higher today.

The broader market underperformed frontline indices. The BSE 150 MidCap Index jumped 0.13% and the BSE 250 SmallCap Index added 0.20%.

The market breadth was positive. On the NSE, 1,735 shares rose and 1,566 shares fell. A total of 95 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tanked 3.99% to 13.39.

Numbers to Track:

The yield on India's 10-year benchmark federal paper declined 0.51% to 6.805 compared with previous session close of 6.840.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 94.6625 compared with its close of 94.7600 during the previous trading session.

MCX Gold futures for 05 August 2026 settlement fell 1.44% to Rs 144,416.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.24% to 101.65.

The United States 10-year bond yield declined 0.18% to 4.481.

In the commodities market, Brent crude for July 2026 settlement declined $1.06 or 1.38% to $76.02 a barrel as investors watched developments around tanker traffic and maritime operations in the Strait of Hormuz.

Global Market:

Most European equities edged higher on Wednesday, although gains remained limited as a sharp global technology selloff and persistent concerns over the U.S. Federal Reserve's hawkish stance continued to weigh on investor sentiment.

Asian shares ended mixed after a broad selloff in technology and semiconductor stocks rattled global equities. Analysts warned that volatility could remain elevated in the near term.

Meanwhile, more than 11,000 seafarers stranded in the Persian Gulf are expected to begin exiting through the Strait of Hormuz, according to the International Maritime Organization. The strategic waterway handles around 20% of global oil shipments and has remained under close watch since the Iran conflict.

MSCI retained South Korea's classification as an emerging market in its latest market accessibility review released on Tuesday. The index provider also extended its review of Indonesia's market status until November.

On Wall Street, stocks ended lower overnight as the technology-led selloff intensified. Semiconductor and memory-chip stocks remained under pressure, dragging broader markets lower.

The S&P 500 declined 1.44% to close at 7,365.46, while the Nasdaq Composite fell 2.21% to 25,587.04. The Dow Jones Industrial Average slipped 45.87 points, or 0.09%, to end at 51,666.84.

Stocks in Spotlight:

Trent jumped 3.60% after the company's management outlined its long-term growth strategy for its fashion and value-retail businesses at the 47th annual general meeting (AGM). The company plans to add around 50 Westside stores annually, while continuing the rapid rollout of 200-250 Zudio stores every year. The company also expects to add 25-40 Star stores annually. Meanwhile, Noel Tata, 69, announced that he will step down as the chairman of Trent, concluding a nearly three-decade-long association with the Tata group?s retail business.

Tata Motors added 3.21% after the company shared a positive outlook for the financial year 2028, at its investor day that was held yesterday, 23 June 2026. The company said it had already achieved several of its FY2027 targets ahead of schedule, including margin improvement, cash generation and strengthening its leadership position in heavy commercial vehicles. The company aspires to be the fourth largest global player in the commercial vehicles market after the mega Iveco acquisition.

Indian Railway Finance Corporation (IRFC) fell 6.83% after the Government of India launched an offer for sale (OFS) to divest up to a 2% stake in the company. The floor price for the OFS has been fixed at Rs 91 per share, implying a discount of 7.77% to the previous day's closing price of Rs 98.67 on the NSE. As of 15:30 IST on 24 June 2026, the base non-retail portion, comprising 11.76 crore shares, had received bids for 21,87,78,389 shares, translating into 186.01% subscription. The indicative bid price stood at Rs 91.25 per share.

Tanfac Industries jumped 3.04% after the company?s board approved the launch of qualified institutional placement (QIP) for the equity shares with a floor price of Rs 2,090.43 per share.

Prostarm Info Systems shed 1.84%. The company announced that it has been declared the lowest (L1) bidder by Karnataka State Fire and Emergency Services for a contract valued at Rs 4.03 crore.

Infosys rose 2.59% after the company announced an expanded multi-year collaboration with GlobalFoundries to accelerate AI-driven transformation of the chipmaker's IT operations.

Bharat Dynamics shed 0.58%. The company announced that it has secured orders worth approximately Rs 1,347.71 crore (gross) from Hindustan Aeronautics (HAL).

Power & Instrumentation (Gujarat) shed 0.42%. The company said that it has secured a work order worth Rs 3.72 crore from Ajmer Vidyut Vitran Nigam (AVVNL) under the Revamped Distribution Sector Scheme (RDSS) in Rajasthan.

Initial Public Offer (IPO):

Waterways Leisure Tourism received bids for 21,10,914 shares as against 41,84,004 shares on offer, according to stock exchange data at 16:36 IST on 24 June 2026. The issue was subscribed 0.50 times.

The issue opened for bidding on 23 June 2026 and it will close on 25 June 2026. The price band of the IPO is fixed between Rs 769 and 808 per share. An investor can bid for a minimum of 18 equity shares and multiples thereof.

Advit Jewels received bids for 35,83,11,900 shares as against 83,79,300 shares on offer, according to stock exchange data at 16:36 IST on 24 June 2026. The issue was subscribed 42.76 times.

The issue opened for bidding on 23 June 2026 and it will close on 25 June 2026. The price band of the IPO is fixed between Rs 130 and 138 per share. An investor can bid for a minimum of 100 equity shares and multiples thereof.

CSM Technologies received bids for 28,18,860 shares as against 1,11,30,880 shares on offer, according to stock exchange data at 16:36 IST on 24 June 2026. The issue was subscribed 0.25 times.

The issue opened for bidding on 24 June 2026 and it will close on 29 June 2026. The price band of the IPO is fixed between Rs 107 and 113 per share. An investor can bid for a minimum of 132 equity shares and multiples thereof.

Powered by Capital Market - Live News