Market snaps three-day losing streak amid positive global cues

The Indian equity indices snapped a three-day losing streak, with the Nifty closing at 25,900 amid positive global cues. This was led by the US Federal Reserve’s 25-basis-point interest rate cut.

At the close, the Sensex rose 426.86 points, or 0.51%, at 84,818.13, while the Nifty was up 140.55 points, or 0.55%, at 25,898.55.

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The Indian rupee resumed its decline after a brief rally, slipping to another all-time low of 90.48 against the US dollar in intra-day trade.

The BSE Midcap index rose 0.8% and the smallcap index added 0.5%. The overall market capitalisation of BSE-listed firms rose to Rs 466.6 lakh crore from Rs 464 lakh crore in the previous session.

Among the sectors, most of the indices ended with gains. Nifty Auto, Metal, and Pharma indices rose by a per cent, while the Nifty IT index also rose by almost a per cent, and Nifty Bank rose 0.42% to end at 59,209.85.

Around 39 stocks ended higher in the Nifty index. The key ones included Adani Enterprises (up 2.65%), Jio Financial Services (up 2.63%), and Tata Steel (up 2.57%).

The top losers were Asian Paints (down 1%), SBI Life Insurance Company (down 0.86%), and Bharti Airtel (down 0.63%).

Of the 4,341 stocks traded on the BSE, 2,448 advanced, 1,742 declined, and 151 stocks remained unchanged.

More than 80 stocks hit a 52-week high, while over 160 stocks hit a 52-week low.

Those on the highs were Ramco System, Esab India, Eicher Motors, Samvardhana Motherson International, Cummins India, Jamna Auto, and Cupid, among others.

On the lows were BASF, Vedant Fashions, Sterling Wilson, Blue Dart, Trent, Piramal Pharma, CG Consumer, NCC, Page Industries, PCBL Chemical, and Dixon Technologies, among others.

Shares of Ola Electric jumped 6.8% to Rs 36.7 apiece. Dixon Technologies and Kaynes Technology gained 5.3% and 3.6%, respectively. Vodafone Idea joined the rally as well, soaring 5% to Rs 11.26 apiece.

Moderation was seen in the US dollar and bond yields after the US Fed rate cut influenced sentiment back home.