Sensex Recovers 350 Points from Intraday Low but Remains Down 0.75% Amid Partial Market Rebound
Market Rebounds Partially Amid Value Buying and Global Cues
On June 8, the Indian stock market witnessed a partial rebound from its 1.2% gap-down opening, driven by various factors including value buying.
At 10:13 am, the Sensex was down 567.71 points or 0.76% at 73,675.63, while the Nifty was down 177.95 points or 0.76% at 23,188.75. A total of 1,300 shares advanced, 2,245 shares declined, and 177 shares remained unchanged.
The partial market rebound can be attributed to several key factors.
Read also: India Witnesses Record 25 Lakh Vehicle Sales in May, Fueling Auto Market Surge
Value Buying Emerges at Lower Levels
Value buying played a significant role in the market's rebound, as investors purchased equities at lower levels. The easing of India VIX from its day's high also contributed to the mild bullish sentiment.
Positive Global Cues
The market received a boost from positive global cues, with S&P 500 futures erasing all losses and turning green. This was largely due to a statement made by US President Donald Trump, who indicated that Israel would have to accept any deal reached with Iran.
Technical Reason
Analysts observed that as long as the Nifty holds the 23,000-23,050 zone, the markets will attempt to move higher.
| Stock Index | Opening | Closing | Change | Percentage Change |
|---|---|---|---|---|
| Sensex | 73,675.63 | 73,675.63 | -567.71 | -0.76% |
| Nifty | 23,188.75 | 23,188.75 | -177.95 | -0.76% |
Investor Takeaway
Investors should be cautious and wait for a clear trend reversal before making any investment decisions.
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