Sensex Rises Over 330 Points, Nifty Reclaims 24,000 as Global Markets Recover

The Sensex rose more than 330 points and the Nifty moved back above 24,000 in early trade on Thursday, September 3, as Asian markets recovered and crude oil prices edged lower.

Invest in Indian Markets and Unlock Future Potential With 5paisa!

Open Account Now

At 9:56 am, the Sensex was trading at 76,907.07, up 336.72 points or 0.44%, while the Nifty stood at 24,012.65, higher by 98.20 points or 0.41%, according to a Times of India market update. The Nifty had opened at 23,997.95, up 83.50 points, while the Sensex opened 154.60 points higher at 76,724.95, as per India TV data.

The benchmarks recovered after three consecutive sessions of losses. On Wednesday, the Sensex closed 373.93 points, or 0.49%, lower at 76,570.35. The Nifty fell 141.35 points, or 0.59%, to finish at 23,914.45, according to data reported by the Financial Express.

Global Markets Rise

Asian equities traded mostly higher after Wall Street ended a three-session losing streak.

The MSCI Asia-Pacific equities index gained 0.9%, according to Moneycontrol. Japan’s Topix rose 0.8%, Hong Kong’s Hang Seng advanced 0.7%, the Shanghai Composite added 0.5% and Australia’s S&P/ASX 200 gained 0.2%. U.S. stock futures were little changed during Asian trading.

U.S. markets had closed higher in the previous session. The S&P 500 rose 0.46% to 7,666.60, while the Nasdaq Composite gained 0.45% to 26,217.83. The Dow Jones Industrial Average added 295.07 points, or 0.56%, to close at 53,061.95, according to the Financial Express.

Crude Oil Edges Lower

Oil prices eased marginally after rising for three consecutive sessions, providing some relief to Indian equities.

Brent crude was trading at $95.30 a barrel in early trade, down 0.35%, while U.S. crude stood at $90.82 a barrel, lower by 0.21%, as per Financial Express data.

Higher crude prices are closely tracked in India because the country imports most of its oil requirements. A sustained increase can raise the import bill and put pressure on inflation and the rupee.

Foreign Buying Supports Market

Foreign institutional buying also supported the market.

Foreign institutional investors purchased Indian equities worth ₹6,688.37 crore, while domestic institutional investors bought shares worth ₹2,812.98 crore, according to provisional figures cited by India TV.

The rupee also strengthened in the morning. It rose 47 paise to 94.26 against the U.S. dollar in early trade, according to the Times of India market update.

Broader Markets Advance

The gains extended beyond the benchmark indices.

The BSE Midcap Select index was up 33.56 points in early trade. The BSE Smallcap Select index gained 80.90 points, or 0.88%, to trade at 9,237.87, according to India TV.

Market breadth was positive on the National Stock Exchange. A total of 1,913 stocks advanced, while 425 declined and 96 remained unchanged, the report said.

Adani Ports Leads Sensex Gainers

Adani Ports was the top gainer among Sensex companies in early trade, rising 1.85%, according to India TV. Power Grid, Axis Bank, State Bank of India and HDFC Bank were also among the gainers.

Tech Mahindra fell 0.87% and was the biggest loser in the Sensex pack during the reported period. Infosys, Sun Pharma, Bajaj Finance and Hindustan Unilever also traded lower.

Bond Yields Remain Elevated

Global bond yields remained a point of concern even as equity markets recovered.

The U.S. 10-year Treasury yield touched 4.818% on Wednesday, its highest level since November 2023, before easing to 4.78%, according to the Financial Express.

Investors will next track U.S. employment data, movements in crude oil prices and developments affecting oil supplies through the Strait of Hormuz. These factors could influence global risk appetite and the direction of Indian equities in the near term