By On 14th March 2024, the stock markets rebounded strongly following a significant crash. Investors showed renewed confidence by pouring their funds into prominent stocks, particularly bolstering the IT sector, which experienced a substantial rally. Despite a sustained downtrend, both BSE SmallCap and BSE MidCap indices witnessed a notable uptick, climbing by 3% and 2% respectively during the trading session. Consequently, the BSE index surged by 335.39 points to settle at 73,097.28, while the Nifty index gained 148.95 points to close at 22,146.65.
Market Update: Indexes Witness Substantial Rebound.
The trading day for the BSE Sensex commenced at 72,570.10 and fluctuated between 72,497.19 and 73,364.30. Despite initial setbacks, the index staged an impressive recovery, surpassing an 800-point increase from its lows, ultimately concluding the session at 73,097.28, marking a gain of 335.39 points. The Nifty Sensex began trading at 21,982.55 and peaked at 22,204.60, with its lowest point registered at 21,917.50. While the Nifty50 did not exhibit a notably bullish trend initially, investor confidence gradually revived, particularly in larger stocks, leading to a significant recovery. The Nifty50 closed the day with a robust gain of 148.95 points at 22,146.65.
On the currency front, the Indian Rupee was valued at Rs.82.83 against the US Dollar on the same day. Among the top gainers were HCL Technology, Wipro, Infosys, Bharati Airtel, and Mahindra & Mahindra, while Axis Bank, SBI, IndusInd Bank, Bajaj Finance, and JSW Steel experienced losses. Stocks affiliated with the Adani group saw notable profits, with Adani Green Energy and Adani Energy witnessing a 10% increase, and Adani Total Gas attracting an 11% gain.
