On August 9, 2024, the Indian stock market experienced a significant boost, with both benchmark indices, the Sensex and Nifty 50, rising by 1% each. The Sensex closed 820 points higher, at 79,705.91, while the Nifty 50 ended the day up by 251 points, reaching 24,367.50.
This surge followed positive global economic indicators, particularly from the United States, where jobless claims were lower than expected. The US Labor Department reported that first-time jobless claims dropped to 233,000, surpassing forecasts and easing concerns about an economic slowdown. This led to notable gains in global markets: the Nasdaq jumped nearly 3%, the S&P 500 rose by 2.30%, and major European indices like the FTSE, CAC 40, and DAX also saw gains.
The Indian market reflected this global optimism, with widespread buying driving up stock prices. The BSE Midcap index saw a 1.21% increase, while the Smallcap index rose by 0.79%. Consequently, the market capitalization of BSE-listed companies surged to nearly ₹450 lakh crore from ₹445.8 lakh crore the previous session, adding over ₹4 lakh crore to investor wealth in just one day.
“Strong global market cues provided a major impetus to local shares, with the Sensex surging more than 1,000 points during intra-day trades,” said Prashanth Tapse, Senior VP (Research) at Mehta Equities. He noted that despite fluctuations in foreign fund flows, robust capital infusion by domestic institutions has supported local markets during volatile periods.
In addition to the index gains, nearly 250 stocks, including Colgate Palmolive (India), Lupin, PI Industries, Trent, and United Spirits, reached new 52-week highs during intraday trading on the BSE.
This market rally underscores the positive impact of global economic data on local markets and highlights the resilience of the Indian stock market amid fluctuating global conditions.
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As an author and writer specializing in investment and finance , I am dedicated to delivering insightful articles and news stories that inform and engage the investment community . My focus is on providing timely and relevant content that covers market trends , innovative strategies , and key financial development . My goal is to equip investors with the knowledge and insights needed to make informed decisions and succeed in a dynamic financial environment.
