The Indian stock market closed with strong gains on Tuesday, driven by a rally in IT, pharma, and FMCG stocks, as investor sentiment improved amid rising expectations of a US interest rate cut later this month.
Indian stock markets remained shut on Wednesday on account of Ganesh Chaturthi. Since the festival is a state holiday in Maharashtra, both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), which are headquartered in Mumbai, observed a trading holiday.
The Indian stock market closed lower on Tuesday, following a broader decline in Asian markets, as investors focus on July's domestic inflation data and the US inflation report, which could influence market participants' decisions.
Indian stock market recovered during the day trade from its opening, both Sensex and Nifty opens over 1.5 per cent down but closed at a little over 0.6 per cent down.
The Sensex rose by 224.45 points, closing at 76,724.08, while the Nifty climbed 37.15 points to end at 23,213.20. Out of the Nifty 50 companies, 27 stocks advanced, while 23 declined.
Domestic stock markets on Tuesday ended on a positive note, recovering from seven-month lows hit in the last trading session due to a decline in the rupee and investors worries over the earnings of domestic companies.
The Indian benchmark equity indices, BSE Sensex and NSE Nifty 50, witnessed a recovery from intra-day lows but ended the last trading session of 2024, near flatline on Tuesday.