Benchmark indices snapped a three-day losing streak and ended higher, with the Nifty closing near the key 24,300 level, driven by buying across various sectors.

Ahead of the RBI policy outcome on Thursday, the Sensex was up 874.94 points, or 1.11% at 79,468.01, while the Nifty was up 305 points, or 1.27% at 24,297.50.

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The indices began on a positive note, following the trend set by other Asian markets, as traders re-evaluated concerns about a US recession. They witnessed some profit booking at the higher levels but ended on a strong note.

All sectors ended in the green, with the top gainer being the Nifty Metal index. Metal, healthcare, media, power, telecom, oil & gas, and capital goods were up by 2-3%.

India VIX, also known for assessing market anxiety, eased nearly 14% to just above 16.

The biggest Nifty gainers included Coal India, Adani Ports, Power Grid Corp, Cipla, and Wipro, while the losers were IndusInd Bank, Eicher Motors, Britannia, Tech Mahindra, and Titan Company.

The broader market, which constitutes the mid and smallcap index, ended the day on a bullish note. BSE Midcap index and Smallcap indices closed 2% higher each.

The broader market has outperformed the headline indices by a comfortable margin since the start of the year.

ONGC shares surged over 7% after the company raised its production guidance for FY25.

TVS Motors’ stock hit an all-time high at Rs 2,620.2 after the company reported a healthy performance for the June 2024 quarter (Q1FY25).

The stock of IndusInd bank also hit a 52-week low at Rs 1,347.85 as the bank’s June quarter earnings fell short of estimates due to increased provisions for the quarter.

International brokerage Morgan Stanley gave Suzlon’s acquisition of a 76% stake in Renom Energy Services a thumbs up.

The brokerage maintained its ‘overweight’ call on Suzlon, with a price target of Rs 73.4 per share, indicating a 10.8 per cent upside from the last closing price.

The Reserve Bank of India’s upcoming policy is expected to be status quo.

Experts believe there is still a good chance that it will prepare the markets for a dovish change in October, given the changed global ecosystem.

In June, the US economy continued to demonstrate resilience. Although Q1 GDP came in slightly below expectations, the labour market remained strong.

Global markets experienced a notable rebound after the BoJ’s Deputy Governor reassured that the central bank would not raise interest rates during a period of financial instability.