Sensex, Nifty Rally 3% as Stock Markets Bounce Back From Yesterday’s Slump

Mumbai: The Stock markets staged an impressive recovery on Wednesday, with both the Sensex and Nifty indices surging over 3%. This rebound followed a significant downturn in the previous session, triggered by below-expectation poll results.

The 30-share BSE Sensex surged by 2,303.19 points, or 3.20%, closing at 74,382.24, driven by robust buying in banking, auto, and oil shares. Intraday, it peaked at 74,534.82, marking a gain of 2,455.77 points or 3.40%.

Similarly, the NSE Nifty climbed 735.85 points, or 3.36%, to settle at 22,620.35. At its highest point during the day, it reached 22,670.40, reflecting a surge of 785.9 points or 3.59%.

The strong performance was attributed to heavy buying in key stocks such as HDFC Bank, ICICI Bank, and Reliance Industries.

Despite concerns over the BJP falling short of the majority mark for the first time since 2014, the NDA alliance maintained a comfortable lead in the Lok Sabha elections, securing 292 seats out of 543, with the Congress winning 99 seats.

Tuesday had marked the worst trading day in four years, with the Sensex plunging by 4,389.73 points or 5.74% to settle at 72,079.05, and the Nifty dropping by 1,982.45 points or 8.52% to 21,281.45, before ending at 21,884.50, down by 1,379.40 points or 5.93%.