Indian benchmark indices made a remarkable recovery on Tuesday following a challenging Monday, with the Sensex soaring over 900 points and the Nifty climbing nearly 300 points in early morning trade.
Despite a significant downturn in US markets, where the Nasdaq and S&P 500 fell by over 3% on Monday due to recession concerns and slowing job growth, Indian markets opened on a strong note.
Shares of Bharti Airtel surged in the opening trade after the company reported impressive Q1 FY25 results.
Bharti Airtel’s net profit increased by 158% year-on-year to Rs 4,160 crore, surpassing market expectations due to exceptional items.
ONGC also saw a 2.5% rise in its shares, despite reporting a 43% decline in its Q1 profit.
Asian markets reflected a mixed sentiment. Tokyo stocks rebounded by more than 10% as the yen eased following significant gains against the dollar. This recovery followed the Nikkei’s steep 12.4% drop on Monday, its largest decline ever.
South Korean stocks also saw a recovery, trading 3% higher on Tuesday after a severe downturn the previous day triggered by US recession worries. The benchmark Korea Composite Stock Price Index (KOSPI) gained 74.59 points, or 3.06%.
The MSCI Asia Pacific Index surged around 4% after a significant drop of more than 6% on Monday.
Market analysts noted that the correction in India on Monday was relatively moderate compared to most other markets.
Domestic investors played a crucial role in stabilizing the market, with Domestic Institutional Investors (DIIs) buying Rs 9,155 crore worth of shares, countering Foreign Institutional Investors’ (FIIs) sales of Rs 10,073 crore in the cash market.
Concerns persist that the US Federal Reserve may have delayed cutting interest rates for too long, keeping them at a two-decade high. The Fed is likely to announce interest rate cuts ranging from 0.25 to 0.75 percentage points at its next meeting on 18 September.
Also Read: CBDT’s Central Action Plan 2024-2025: An In-Depth Overview
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