Opening bell: Sensex surges 1,000 points, Nifty above 24,300

Indian indices opened higher following a rally in Asian markets as US central bank officials soothed investor nerves after a massive selloff in the previous session. The NSE Nifty 50 index rose 1.11% at 24,329.85 and BSE Sensex added 1.2% at 79,743.87. On August 5, Nifty 50 and Sensex logged their worst session in two months amid a global sell-off on fears of a likely US recession.
All the 13 major sectors logged gains. The broader, more domestically focused small- and mid-caps rose about 2% each.
Asian markets recovered from the drop with the MSCI Asia ex-Japan index rising 1.7%. However, Wall Street equities logged losses.
A Balasubramanian, managing director and chief executive at Aditya Birla Sun Life Asset Management Company, said, “Long-term investors should not be deterred by such global uncertainties. Market downturns should be viewed as an opportunity and capitalising on dips can be beneficial.”
ONGC added 3.7% after it topped first quarter profit estimates on strong fuel demand. The stock was the top Nifty 50 gainer. Shares of Bharti Airtel rose 1.5% after the telecom services provider beat June quarter profit estimates.
Oil prices fell amid volatile trade, driven by a global stock market selloff and fears of a US economic slowdown, despite concerns that Iran’s retaliation for a Hamas leader’s assassination could spark a wider Middle East conflict.
Prathamesh Mallya, DVP- Research, Non-Agri Commodities and Currencies, Angel One Ltd, said, “Crude oil prices are expected to remain volatile, influenced by geopolitical tensions and economic uncertainty.”