Market Snaps 7-Day Losing Streak: Sensex Rises 628 Points, Nifty Ends Above 24,200; India VIX Falls 4.7%

The market gains mark a reversal after the Nifty had declined for seven straight sessions and the Sensex had fallen for four consecutive sessions.

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Market snaps 7-day losing streak.

Sensex up 628 pts, Nifty above 24,200.

India VIX falls 4.7%, easing volatility.

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Stock Market Today.

Stock Market Today, August 20: The domestic equity market snapped its seven-day losing streak and ended sharply higher on Thursday, August 20, as broad-based buying lifted sentiment across sectors after the US Treasury stepped in to contain the surge in global bond yields. The 30-share BSE Sensex closed at 77,537.72, gaining 628.04 points or 0.82 per cent, while the NSE Nifty settled at 24,231.85, up 153.55 points or 0.64 per cent.

The gains marked a reversal after the Nifty had declined for seven straight sessions and the Sensex had fallen for four consecutive sessions.

The broader market also ended in positive territory on Thursday, although gains moderated from the levels seen earlier in the session. The Nifty Smallcap 100 gained 0.68 per cent, while the Nifty Midcap 100 rose 0.41 per cent. The Nifty 500 ended 0.54 per cent higher.

Market volatility eased sharply. The India VIX declined 4.68 per cent to 10.79, indicating lower expectations of near-term market volatility.

Among sectoral indices, Nifty Media was the top performer, rising 2.13 per cent, followed by Nifty Realty, which gained 1.41 per cent. The Nifty Private Bank index rose 0.89 per cent, while Financial Services gained 0.73 per cent. FMCG advanced 0.82 per cent and IT rose 0.79 per cent.

The Nifty Financial Services Ex-Bank index gained 0.89 per cent, while the Nifty MidSmall IT & Telecom index advanced 1.08 per cent.

On the other hands, Nifty Chemicals fell 0.50 per cent, while Nifty PSU Bank ended marginally lower by 0.01 per cent. The Nifty Oil & Gas index was almost flat, gaining just 0.01 per cent.

Heavyweight stocks provided significant support to the benchmarks. Eternal gained 2.31 per cent, while Kotak Mahindra Bank rose 1.65 per cent and ITC gained 1.63 per cent. Bajaj Finance, Axis Bank and Ultratech Cement also posted gains of more than 1 per cent.

Among other major stocks, Infosys rose 1.18 per cent, Power Grid gained 1.07 per cent, Larsen & Toubro advanced 1.04 per cent and Hindustan Unilever climbed 1.02 per cent.

At the other end, Tata Steel declined 0.41 per cent, Indigo fell 0.24 per cent and HCL Technologies slipped 0.19 per cent.

Overall, Thursday’s session marked a broad-based recovery for Indian equities, with the Sensex reclaiming the 77,500 level and the Nifty closing above 24,200. The sharp fall in India VIX and gains across banking, IT, media and realty stocks pointed to improved risk appetite after the recent selling pressure.

Vinod Nair, head of research at Geojit Investments Ltd, said, “Markets found much-needed relief after the US Treasury stepped in to contain the surge in global bond yields, triggering a strong broad-based rebound and ending the domestic market’s week-long losing streak. The intervention has dragged down the dollar, which, along with a firmer rupee and easing yield pressures, boosted attractiveness to EMs. The recovery was widespread across sectors, driven primarily by strength in IT and financial stocks, as a cooling yield environment supports spending. Yet, the market’s optimism remains guarded as stubbornly high crude oil prices, driven by unresolved US-Iran tensions, continue to cast a shadow over inflation and corporate profitability.”

He added that the near-term outlook is likely to hinge on the direction of global yields, energy prices and geopolitical developments, with sustained stability needed to keep earnings momentum and foreign inflows intact.

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The market’s long-term sustainability is uncertain; analysts suggest that a sustained close above the 24,300 mark for the Nifty would be the first sign of stabilisation and could lead to a more meaningful recovery. The market undertone remains guarded below this crucial level.

Rising global bond yields can put pressure on Indian equities and investor sentiment. They can also influence Indian bond yields, potentially leading to higher borrowing costs if global yields remain elevated and factors like inflation, crude prices, or currency risks increase. Higher global bond yields can also make foreign institutional investors cautious about Indian equities, as they may require a higher return to justify moving capital out of dollar-denominated assets.

Stubbornly high crude oil prices, driven by unresolved US-Iran tensions, continue to cast a shadow over inflation and corporate profitability, which could affect future market gains. The near-term market outlook is likely to depend on the direction of energy prices, global yields, and geopolitical developments.

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About the Author

Mohammad HarisDeputy News Editor (Business)

Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalis…Read More

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Original source: https://www.news18.com/business/markets/