After four consecutive days of decline, the stock market rebounded on August 4. The Sensex was up by 748 points and the Nifty by 203 points.
The Sensex closed at 37,687 points on August 4. The Sensex was up by 37,745.60 points at one point. Similarly, Nifty closed 203 points higher at 11,095. Nifty rose to 11,112.25 points during trading.
The Nifty has strong support at 10,800. Investors’ willingness to buy shares in line with this level has boosted the market. When the market rebounded, it was led by Reliance Industries, which has the highest weightage in the Nifty and the Sensex. When the market rallied last month, Reliance was the main contributor.
Reliance is up 7.44% on August 4. Reliance Industries, Zee Limited, HDFC Bank, JSW Steel and Maruti Suzuki were the top five gainers. The Reserve Bank of India (RBI)’s approval of the appointment of Shashidhar Jagdeesan as the new CEO of HDFC Bank led to a surge of 5% in the market.
Tech Mahindra, BPCL, IndusInd Bank, HCL Tech and Tata Motors were the top five losers in the Nifty. Tech Mahindra, BPCL and IndusInd Bank fell more than two per cent.
Banking, automobile and pharma stocks gained as the market rebounded. Similarly, Nifty rose by 1.97 per cent. RBL Bank gained 4.27 per cent. The Nifty Auto Index was up 1.55 per cent. Maruti Suzuki gained 3.17 per cent. The Nifty Pharma index gained 1.76 per cent. Most stocks in the Nifty Pharma index are trading near their 52-week highs.
At the same time, IT stocks came under selling pressure. Emphasis fell 3.55 per cent and Tech Mahindra 2.87 per cent.
