Daijiworld Media Network – Mumbai (DD)
Mumbai, Jun 4: After three straight sessions of turbulence, Indian stock markets regained momentum on Wednesday morning, with the BSE Sensex climbing 230.17 points to touch 80,967.68, and the NSE Nifty rising 70.25 points to reach 24,612.75, boosted by strong global cues and improved investor sentiment.
The early rally was led by Bharti Airtel, IndusInd Bank, Maruti, Tata Motors, and Bajaj Finance, which saw robust buying interest. However, select counters like Tata Consultancy Services, UltraTech Cement, Titan, and ICICI Bank faced selling pressure, capping further gains.
Asian markets reflected a similar tone, with Japan’s Nikkei 225, South Korea’s Kospi, China’s SSE Composite, and Hong Kong’s Hang Seng all trading on a higher note. Positive economic indicators from the US also buoyed Wall Street overnight, easing investor concerns amid ongoing global uncertainties.
Financial analysts attributed the rebound to strong global market performance and resilient domestic fundamentals. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, remarked that India’s robust macroeconomic indicators and consistent domestic flows via mutual fund SIPs were acting as stabilizing forces. He also highlighted the stellar performance of mid-cap stocks in the final quarter, outshining both large- and small-cap segments.
Despite the bounce-back, foreign investor sentiment remained cautious. As per exchange data, Foreign Institutional Investors (FIIs) offloaded equities worth ?2,854 crore on Tuesday, continuing a trend of risk-off positioning.
Vikas Jain, Head of Research at Reliance Securities, noted that the market’s optimistic open was fueled largely by encouraging US job data, which eased fears of an economic slowdown and helped cool nerves around geopolitical tensions and trade policies.
Meanwhile, crude oil prices offered further relief, with Brent crude slipping 0.32% to trade at USD 65.42 per barrel, supporting India’s oil-importing economy.
This rebound comes after a bruising Tuesday, when the Sensex had plunged over 636 points and the Nifty had shed 174 points, underscoring the volatile nature of the current market climate. Today’s rally has provided much-needed breathing space for investors, but market watchers continue to advise caution amid global headwinds.