Nifty back above 24k on broad-based buying

Mumbai: Benchmark stock indices Sensex and Nifty bounced back sharply on Wednesday after three straight days of slump following a rally in global peers and value-buying in metal, IT and oil shares at lower levels.

The 30-share BSE Sensex rallied 874.94 points or 1.11 per cent to settle at 79,468.01 with 25 of its constituents ending with gains and five with losses. During the day, it jumped 1,046.13 points or 1.33 per cent to 79,639.20. The NSE Nifty jumped 304.95 points or 1.27 per cent to 24,297.50. Intra-day, it surged 345.15 points or 1.43 per cent to 24,337.70.

“Global markets experienced a notable rebound after the BoJ's Deputy Governor reassured that the central bank would not raise interest rates during a period of financial instability. The Indian market also witnessed broad-based buying across sectors, with the realty sector seeing a relief rally due to the reinstatement of indexation benefits,” said Vinod Nair, head (research), Geojit Financial Services.

In the broader market, the BSE midcap gauge jumped 2.63 per cent and smallcap index climbed 2.39 per cent. All indices ended in the positive territory.

Ajit Mishra, Sr V-P (research), Religare Broking Ltd, said that “markets experienced a breather after the recent decline, gaining over a percent, driven by strong global cues.”