Stock Market: Sensex Off Day’s High, Rallies 400 Points, Nifty Above 24,650; Ola Electric Jumps 5%

Benchmark equity indices, BSE Sensex and NSE Nifty50, opened higher on Tuesday, tracking strong global cues.

BSE Sensex opened 297.86 points or 0.37 per cent higher at 80,722.54 levels, while Nifty50 rose 76.25 points or 031 per cent to 24,648.90 levels.

BPCL, TCS, Hero MotoCrop, IndusInd Bank, and UltraTech Cement were the top gainers while ONGC, Bharti Airtel, CIpla, HCL Tehc and ITC were the top laggards on NSE.

Broader markets also rose. Nifty SmallCap rose 0.51 per cent while MidCap was trading 0.48 per cent higher.

Sectorally, Nifty Metal and OMCs were the top gainers, up to 0.70 per cent.

Global Cues

Asian stocks increased, buoyed by a strong performance on Wall Street as expectations grew that the Federal Reserve might soon indicate a readiness to start cutting interest rates.

Shares rose in Japan, South Korea, and Australia, with the MSCI Asia-Pacific index on track for its third consecutive day of gains. Hong Kong futures also suggested an upward trend. This advance was driven by a positive sentiment in the US, where the S&P 500 extended its winning streak to eight days—the longest of the year.

US stocks rose on Monday, extending their biggest weekly percentage gain of the year. Investors were attentive to the Democratic National Convention and the forthcoming Jackson Hole Economic Symposium.

The tech-focused Nasdaq drove the gains across all three major US stock indexes, buoyed by strong performances from Nvidia, Microsoft, and Alphabet.