Asian stock markets roar back, Indian indices lead rally
Updated: Aug 6th, 2024
Source: IANS |
The Indian benchmark indices roared back today after a dismal Aug 5, as Sensex surged more than 900 points and Nifty traded nearly 300 points up in the early morning trade.
The Indian markets opened on a higher note despite Nasdaq and S&P going down at least 3% (as per US time on Aug 5) amid recession worries in the country as job growth slowed down.
Bharti Airtel’s shares gained in the opening trade after strong Q1 FY25 results. Bharti Airtel’s net profit swelled 158% (year-on-year) to ₹4,160 crore, beating street expectations (due to exceptional items).
ONGC also gained 2.5% despite its Q1 profit declining 43%.
Meanwhile, Tokyo stocks also went up more than 10% as the yen eased following steep gains against the dollar. On Aug 5, the Nikkei shed 12.40% which was the largest drop ever.
South Korean stocks also traded 3% higher today following the previous day’s worst collapse driven by US recession woes. The benchmark Korea Composite Stock Price Index (KOSPI) added 74.59 points, or 3.06%.
The MSCI Asia Pacific Index surged around 4% after a crash of more than 6% on Aug 5.
According to market watchers, It is important to understand that on Aug 5, the correction in India was relatively lower compared to most markets.
Domestic investors came to the rescue of the market with DII buying ₹9,155 crore when FIIs sold for ₹10,073 crore in the cash market.
(This story was taken from a syndicated feed, and edited only for style by Gujarat Samachar Digital staff)
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