Now Reading: Sensex gains 374 points, Nifty ends nearly flat at 24,636
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Sensex gains 374 points, Nifty ends nearly flat at 24,636
The Sensex rose 373.76 points, or 0.48%, to 78,954.76 on Thursday, while the Nifty added 11.35 points, or 0.05%, to close at 24,636. Reliance Industries, ICICI Bank and State Bank of India…
The Story in Brief
The Sensex rose 373.76 points, or 0.48%, to 78,954.76 on Thursday, while the Nifty added 11.35 points, or 0.05%, to close at 24,636. Reliance Industries, ICICI Bank and State Bank of India supported the gains, as easing crude prices and hopes of progress in Middle East talks aided sentiment. Power Grid fell 3.99% after reporting a marginal year-on-year decline in June-quarter profit to Rs 3,598.42 crore.
Trading remained selective. Nifty PSU Bank gained 2.2%, while Realty and Media each fell 1.3%. The Nifty Midcap 100 declined 0.4% and the Smallcap 100 rose 0.5%. The Hindu attributed the differing benchmark performance partly to the new Closing Auction Session, introduced on August 3. Foreign investors sold equities worth Rs 943.42 crore on Wednesday.
The Indian Opinion
The day’s headline gain can exaggerate the market’s strength. Neither benchmark showed a broad surge, and the nearly balanced market breadth, alongside weak Asian markets, argues for caution. The opposite claim, that the rise was meaningless, is also too sweeping, given gains in banks, energy and PSU stocks. Investors should watch whether the Nifty can clear 24,775, or whether foreign selling continues beyond Rs 943 crore a day.
Sources (4): thehindu.com, timesnownews.com, timesofindia.indiatimes.com, livemint.com
This story was synthesised by AI from the 4 sources linked above.
Updated: this story now draws on 4 sources.
