InvestorQ : Why did the Sensex rally by 750 points on Tuesday 04 August?
Rashi Mehra made post

Why did the Sensex rally by 750 points on Tuesday 04 August?

Answer
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sarah Leo answered.
1 month ago


The Sensex finally snapped its 4-day losing streak and ended 748 points higher on Tuesday. The rally was predominantly led by Reliance Industries (RIL), and HDFC Bank with RIL gaining nearly 7% in a single day. It was also supported by the VIX dropping to 23 levels. Even HDFC Bank ended 4% higher after there was clarity on the next CEO. Sasidharan Jagdishan takes over from Puri on October 26.

On the sectoral front, barring Nifty IT, all the other indices on the NSE ended in the green with the Nifty Bank surging over 400 points. Among Asian stocks, Chinese markets ended higher as the Chinese government moved in ease the pressure on the financials. However, oil prices have eased on COVID worries, and that could be a dampener for global markets.