Sensex jumps 350 points, Nifty crosses 26,000 after 4 days
After four straight days in the red, the Indian stock market finally bounced back on Thursday.
The Sensex recovered 350 points from the day's low to close near 85,245, with a net gain of about 146 points, while the Nifty crossed 26,000—thanks to some timely value buying and positive vibes from global markets.
Why does this matter?
A lot was going on: the rupee hit a record low against the dollar and foreign investors were pulling out.
But domestic investors saw an opportunity and picked up IT, metal, and auto stocks at lower prices.
The weaker rupee also gave a boost to tech companies that earn in dollars. Plus, steady cues from Asian and US markets helped keep things afloat.
What's next for Nifty?
According to Anand James from Geojit Financial Services, Nifty might hover around this level for a bit—he calls it "consolidation."
He sees room for a move up toward 26,200 but warns that slipping below 25,935 could mean more trouble ahead.