Stock market today: Shrugging off morning session weakness, the Indian stock market rebounded strongly on Thursday, December 5. Both key indices, the Sensex and Nifty 50, surged over 1 per cent during afternoon trade, with the Sensex climbing more than 1,500 points from its intraday low.
The Sensex opened at 81,182.74 against its previous close of 80,956.33 and dipped 489 points to hit the intraday low of 80,467.37. The index, however, saw a swift recovery and surged over 1,850 points from the day’s low to touch 82,317.74.
The Nifty 50 opened at 24,539.15 against its previous close of 24,467.45 and slipped as much as 172 points to 24,295.55. However, it recovered sharply and rose almost 2 per cent from the day’s low to 24,857.75.
Mid and smallcap segments of the BSE rose by half a per cent, underperforming the benchmark Sensex.
Investors earned about ₹3 lakh crore in a session as the overall market capitalisation of firms listed on the BSE rose to nearly ₹458.7 lakh crore from nearly ₹455.7 lakh crore in the previous session.
Sectoral indices today
The Nifty IT index jumped by over 2 per cent, while the Nifty Bank, Financial Services, Private Bank, Oil & Gas and Auto index jumped by a per cent. Realty, PSU Bank and Media indices, however, saw some weakness due to profit booking.
Why is the Indian stock market rising?
The domestic market is witnessing sharp gains ahead of the Reserve Bank of India’s (RBI) monetary policy decision on Friday. The market expects the RBI to announce a cut in CRR (cash reserve ratio), injecting liquidity into the system and boosting banks’ profitability.
Moreover, following a lacklustre Q2 earnings season, the market is now factoring in a potential revival in earnings growth from Q3FY25. This anticipation has also sparked stock-specific activity and reshuffling across the market.
More to come…
