Stock Market Today: Share Market rebounded on Wednesday, ending a three-day losing streak and joining a global rally as fears of a U.S. recession eased. The NSE Nifty 50 index and the S&P BSE Sensex both gained over 1%, driven by a surge in oil and gas and public sector stocks.
Share Market today performance (August 07, 2024)
The share market rebounded strongly today, August 7, 2024, after a three-day losing streak. Both the NSE Nifty 50 index and the S&P BSE Sensex gained over 1%.
Key highlights:
- Nifty 50: Closed 24,297.50 with a gain of +304.95 (1.27%).
- Sensex closed at 79,468.01 With a gain of +874.94 (1.11%) points.
- Top Gainers: Oil and gas, public sector, and realty stocks.
- Top Losers: Some banking and power stocks faced selling pressure.
- Overall Sentiment: Positive, with bulls fighting back and regaining control of the market.
This recovery followed a global market rout sparked by concerns over a potential U.S. recession and the unwinding of yen carry trades. However, comments from key Federal Reserve officials helped to alleviate some of these concerns, leading to a rebound in global markets.
While Indian markets initially lagged behind the global recovery due to profit booking near record-high levels, they eventually joined the rally on the second day. Analysts believe that this rebound indicates that the initial knee-jerk reaction to U.S. recession fears is subsiding. However, the recent volatility suggests that markets remain sensitive to unforeseen risks and could experience episodes of profit booking in the future.
Overall, the Indian stock market rebound is a positive sign for investors, but it’s important to remain cautious as markets continue to grapple with various economic and geopolitical factors.