Sensex jumps 628 points, Nifty snaps 7-day losing streak

MUMBAI: Benchmark equity indices bounced back on Thursday, with the Sensex climbing 628 points and the Nifty snapping its seven-day losing streak to end at 24, 231.85, tracking a rally in world markets as easing global bond yields revived risk appetite.

Key points

• The 30-share BSE Sensex jumped 628.04 points, or 0.82 per cent, to settle at 77, 537.72 after four days of decline.
• On Wednesday, the Sensex was down 325.78 points, or 0.42 per cent, to settle at 76, 909.68, registering its fourth day of decline.
• Foreign Institutional Investors (FIIs) purchased equities worth Rs 407.99 crore on Wednesday, according to exchange data.
• Brent crude, the global oil benchmark, jumped 2.67 per cent to USD 93.91 per barrel.
• In Asian markets, South Korea's Kospi rebounded 5.89 per cent.

Meanwhile, the 30-share BSE Sensex jumped 628.04 points, or 0.82 per cent, to settle at 77, 537.72 after four days of decline. During the day, it surged 701.43 points, or 0.91 per cent, to 77, 611.11.

Notably, the 50-share NSE Nifty additionally bounced back after seven days of losses. It concluded at 24, 231.85, up 153.55 points, or 0.64 per cent.

"Markets discovered much-needed relief after the US Treasury stepped in to contain the surge in global bond yields, triggering a robust broad-based rebound and ending the domestic market's week-long losing streak. The intervention has dragged down the dollar, which, along with a firmer rupee and easing yield pressures, boosted attractiveness to EMs, " Vinod Nair, Head of Research, Geojit Investments Ltd, remarked.

As a cooling yield environment supports spending, he stated, the recovery was widespread throughout sectors, driven primarily by strength in IT and financial stocks.

"Yet, the market's optimism remains guarded as stubbornly high crude oil prices, driven by unresolved US-Iran tensions, continue to cast a shadow over inflation and corporate profitability, " Nair continued.

Asian stocks rally as US Treasury steps in to ease bond fears Among the Sensex firms, Eternal, Kotak Mahindra Bank, ITC, Bajaj Finance, Axis Bank and UltraTech Cement were the biggest winners. Tata Steel, InterGlobe Aviation, HCL Tech and Titan were the laggards.

Indian equity markets concluded higher on Thursday, snapping a seven-session losing streak-the longest in almost 11 months-as easing global bond yields revived risk appetite and encouraged investors back into equities.

"The recovery marked a decisive shift from the cautious tone that had dominated recent sessions, with benchmark indices holding on to their early gains throughout the day, " Hariselvan Radhakrishnan, Founder & CEO of HST Wealth, a SEBI-registered Research Analyst firm, remarked.

In Asian markets, South Korea's Kospi rebounded 5.89 per cent. Japan's Nikkei 225, Shanghai's SSE Composite index and Hong Kong's Hang Seng index additionally concluded higher. Markets in Europe were trading mostly lower. US markets concluded in positive territory on Wednesday.

On Wednesday, the Sensex was down 325.78 points, or 0.42 per cent, to settle at 76, 909.68, registering its fourth day of decline. Extending its losses to the seventh day, the Nifty declined 76.60 points, or 0.32 per cent, to end at 24, 078.30.

In short, sensex jumps 628 points, Nifty snaps 7 is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.