Asian Stock Markets Roar Back, Indian Indices Lead Rally
Date
8/6/2024 12:30:15 AM
(MENAFN- IANS) Mumbai, Aug 6 (IANS) The Indian benchmark indices roared back on Tuesday after a dismal Monday, 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 per cent (as per US time on Monday) 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 per cent (year-on-year) to Rs 4,160 crore, beating Street expectations (due to exceptional items).
ONGC also gained 2.5 per cent despite its Q1 profit declining 43 per cent.
Meanwhile, Tokyo stocks also went up more than 10 per cent as the yen eased following steep gains against the dollar. On Monday, the Nikkei shed 12.40 per cent which was the largest drop ever.
South Korean stocks also traded 3 per cent higher on Tuesday 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 per cent.
The MSCI Asia Pacific Index surged around 4 per cent after a crash of more than 6 per cent on Monday.
According to market watchers, It is important to understand that on Monday, the correction in India was relatively lower compared to most markets.
Domestic investors came to the rescue of the market with DII buying Rs 9,155 crore when FIIs sold for Rs 10,073 crore in the cash market.
Meanwhile, there are fears that the US Federal Reserve may have delayed a cut in interest rates too long keeping it up at a two-decade high.
It is expected to announce cuts anywhere from 0.25 percentage points to 0.75 percentage points after its next meeting, which is due on September 18.
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