Sensex & Nifty Recover After Dip, Banking Stocks Fuel Rally

4 Jan 2024 , 01:48 PM

On January 4, benchmark indices Nifty and Sensex rebounded, resuming their upward trajectory after experiencing selling pressure in the preceding two sessions. Investor sentiment turned positive as they seized the opportunity to buy on the dip. The surge was notably driven by the robust monthly updates from frontline banking stocks.

Among the top gainers on the Nifty were NTPC, Bajaj Finance, Tata Consumer Products, IndusInd Bank, and ONGC. On the flip side, the losers included BPCL, LTIMindtree, HCL Technologies, Dr. Reddy’s Labs, and TCS.

The positive momentum in Indian benchmark indices emerged after two consecutive days of declines, influenced by ongoing assessments of the potential for a rate cut by the US Federal Reserve.

In the broader market, indices outperformed both Sensex and Nifty, with all sectoral indices, except pharma and media, recording gains.

As of the latest updates, Sensex was trading at Rs 71,862, reflecting a 0.71% increase, while Nifty stood at Rs 21,661, marking a 0.67% rise from the previous close.

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