Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, surged in trade on Thursday as the market reacted positively to the NDA forming the government in the coming days. While BSE Sensex moved above 75,000, Nifty50 was over 22,800. At 10:30 AM, BSE Sensex was trading at 75,106.91, up 725 points or 0.97%. Nifty50 was at 22,841.85, up 221 points or 0.98%.
The list of top gainers on the Sensex 30 at 10:30 AM included SBI, NTPC, L&T, Power Grid, HCL Tech, Tata Steel and Bajaj Finance.The top losers on Sensex 30 were HUL, Nestle India, Sun Pharma, Asian Paints and M&M.
The Indian stock market experienced a strong rebound on Wednesday as sentiments improved following the confirmation that the NDA will form the government for a third consecutive term.
“In the very near term, we expect the market to remain obsessed with government formation exercises, with a keen eye on key cabinet portfolios such as Finance, Defense, Roads, Energy, Commerce, and Railways. With election overhang done, we expect the focus to revert to fundamentals,” said Yashovardhan Khemka, Senior Manager, Research & Analytics at Abans Holdings.
The market is expected to remain range-bound in the short term, with the Nifty likely to trade between 21,300 and 23,000, according to an ET report. The India VIX, a measure of market fear, dropped significantly by 29.4% to settle at 26.75 levels.
Asian markets showed positive signs, with the Hang Seng futures rising 0.5%, Japan’s Topix increasing 0.5%, Australia’s S&P/ASX 200 gaining 0.6%, and Euro Stoxx 50 futures climbing 1.5%. In the US, the S&P 500 and Nasdaq indexes reached record closing highs, primarily driven by technology stocks.
Oil prices rose in early Asian trading on Thursday, supported by expectations of a potential Federal Reserve interest rate cut in September and a rebound from a selloff related to growing US inventories and an OPEC+ plan to increase supply.
Foreign portfolio investors (FPIs) were net sellers, offloading shares worth Rs 5,656 crore on Wednesday, while domestic institutional investors (DIIs) also sold shares worth Rs 4,555 crore. The rupee recovered 7 paise to close at 83.44 against the US dollar, supported by strong buying in domestic equities and lower crude oil prices in international markets.

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