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Wednesday, May 29, 2024

India stock market rallies by over 650 points in the opening trade


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Mumbai: In line with the trend in Asia bourses, India stock market today rallied by over 650 points as the BSE Sensex opened at 72,757 in the opening session as buying was seen across the board.

Even as the US Federal Reserve decided to keep the rate unchanged but the positive signals to keep their outlook for three cuts in 2024 pushed the Wall Street to set a new high.

Most Asian markets from Australia to South Korea and China closed high as the traders gained confidence from a clearer view of the near-term picture from the US Federal Reserve on the rate cut despite a concern over inflation.

The Nifty of the National Stock Exchange (NSE) gained 211.20 points at 22050.30.

During the intra-day trading the BSE sensex was up over 520 points to trade at 72,621 point. Major gainers of today’s early rally were Tata Steel up by 2.95 per cent to Rs 150, NTPC up by 2.53 per cent to Rs 321.80, IndusInd Bank rose 2.62 per cent to Rs 1479.35.

While the list of losers include Sun Pharma down 0.27 per cent, Nestle 0.05 per cent among others.

Nifty 50 once again crossed 22,000 level and overall positive sentiments prevailed in the market.

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