Stock Market Today: On account of heavy buying in the telecom, metal and banking stocks, the Indian indices bounced back heavily post-lower circuit hit in the early morning trade session. The BSE Sensex regained 34,000 levels after closing at 34,103.48 levels, gaining 1325 points in the intraday trade session. The NSE Nifty also regained 10,000 levels after closing at 10,023.65 levels, up by 365 points from its previous closing. Bank Nifty went 1,195 points northward and closed at 25,166.45 levels.
Speaking on the bounce-back of the Indian stock market Viram Shah, Co-founder and CEO at Vested Finance said, “If we look at the Dow futures, they are actually in the green currently. So, the markets are likely to end the falling streak that they have been seeing. However, one should not attempt to time the market, it’s very difficult to know how the markets will behave. Investors who have uninvested cash are in a great position. Companies with solid business models are available at significant discounts. Such investors should look to capitalize on this opportunity. Instead of trying to time the bottom, they should look to deploy funds and hold for the long-term. This is true for markets across the world, it’s a great buying opportunity globally.”
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Among the major Asian indices, the Japanese Nikkei 225 index crashed 6.02 per cent, South Korean Kospi dipped 3.43 per cent, Hang Seng went down 1.33 per cent while Shanghai index went off 1.23 per cent after the Closing Bell trade session.