Market Close: Sensex Ends 283 pts Higher; Nifty Tops 19,200; Zomato Up 10%, Titan 2%

Sensex Today: Equity markets rallied for a second straight day as bond yields continued to ease on hopes that the rate hike cycle by global central banks is near its end.

The S&P BSE Sensex surged 283 points, or 0.44 per cent, to end at 64,364 levels. The Nifty50, on the other hand, shut shop at 19,226, up 92 points or 0.48 per cent.

Titan, Tata Motors, JSW Steel, Tech M, ICICI Bank, Infosys, SBI, and Sun Pharma were the top Sensex gainers, rising between 1 per cent and 2 per cent. Besides, Apollo Hospitals, Adani Ports, Eicher Motors, LTIMindtree, ONGC, UPL, Hero MotoCorp, and Bajaj Auto were the additional notable gainers on the Nifty, adding up to 5 per cent.

In the broader markets, the BSE MidCap and SmallCap indices gained 0.71 per cent and 0.94 per cent, respectively.

Among sectors, the Nifty Realty index advanced 2.5 per cent, and is up nearly 5 per cent in two days. That apart, the Nifty Media index gained 1.36 per cent, and the Nifty Bank index added 0.67 per cent.

Global Cues

Overnight, the US market ended with solid gains on investor optimism that Fed may be done with hiking rates, and a sharp drop in 10-year Treasury yields to 4.67 per cent, its 3-week low.

Nearer home, Hang Seng, Nikkei and Kospi were up over 1 per cent each. Straits Times rallied 1.6 per cent, while Taiwan added 0.3 per cent.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “Market history tells us that sharp up moves in the market happen at unexpected times. It appears that this truism is turning out to be true. The Fed decision to hold rates and refrain from making hawkish indications has emboldened the bulls to make a strong comeback in the mother market US with S&P rising 1.9% yesterday. Good earnings numbers and expectations that the interest rate will remain stable for now and will decline in H2 of CY2024 have facilitated market recovery.”

The positive global sentiments can embolden the bulls in India to stage a comeback. Since FIIs are short in the market, short covering is a possibility, Vijakumar said.

“Investors should remember that the buy on dips strategy has worked in this market. It is likely to work again. High quality large-caps in financials, automobiles and capital goods are on strong wicket. Mid-cap IT is doing well,” he added.