Mumbai, Aug 6: Indian benchmark indices staged a strong recovery after a dismal Monday, with the Sensex surging over 900 points and the Nifty trading nearly 300 points higher during early morning trade. Despite a significant downturn in the Nasdaq and S&P by at least 3% on Monday (US time), reflecting recession concerns due to sluggish job growth, Indian markets opened higher.
Bharti Airtel's shares saw gains at the opening bell following robust Q1 FY25 results, with a 158% year-on-year increase in net profit to Rs 4,160 crore, surpassing market expectations, buoyed by exceptional items. ONGC also rose 2.5% despite a 43% decline in Q1 profit.
Meanwhile, Tokyo stocks rebounded more than 10% as the yen eased after substantial gains against the dollar. In contrast, the Nikkei had plummeted 12.40% on Monday, its steepest drop ever. South Korean stocks rallied 3% on Tuesday, recovering from their previous day's sharp decline driven by US recession fears. The MSCI Asia Pacific Index surged approximately 4% after a more than 6% crash on Monday.
Market analysts noted that India's correction on Monday was comparatively milder compared to most global markets. Domestic institutional investors played a pivotal role, with DII buying Rs 9,155 crore even as FIIs sold Rs 10,073 crore in the cash market.
