MUMBAI: The benchmark BSE Sensex rallied over a percent on Thursday after gaining value in banking, IT and auto stocks after two days of losses and a broadly positive trend in global markets. The 30-item BSE barometer rose 659.31 points, or 1.12 percent, to 59,688.22 as 24 of its components rose. For the day, it rose 683.05 points, or 1.15 percent, to 59,711.96. The broader NSE Nifty also rallied 174.35 points, or 0.99 percent, to close at 17,798.75 with 33 stocks closing with gains.
Analysts said foreign capital inflows and falling crude oil prices boosted investor sentiment. Tech Mahindra gained the most among Sensex stocks at 3.23 percent. Axis Bank, ICICI Bank, Mahindra & Mahindra, Bharti Airtel, State Bank of India, UltraTech Cement, Bajaj Finserv, IndusInd Bank and Asian Paints emerged as the top gainers among Sensex stocks. Tata Steel, NTPC, Titan, Nestle and Power Grid were the laggards.
“Domestic financial markets experienced a wave of optimism that dogged the strength of global markets as oil prices eased and investors’ concerns about rising inflation eased. at Geojit Financial Services.
Ajit Mishra, VP (Research), Religare Broking Ltd said that “Markets traded bullishly on the weekly derivatives expiration, tracking firm global leads. The upswing in all sectors, notably banking and finance, kept participants on their toes – cap spaces added to positivity.”
“Positive global cues with cooling oil prices and all-time highs on Demat account openings in the country helped pull sentiment in favor of bulls as BFSI, linked to the PSU banks, led the lead with a percentage gain on the Nifty today. Multiple cement counters were seen floating around for the second straight day, although the metals index remained sluggish with a percentage down,” said S. Ranganathan, chief (research) at LKP Securities.
Foreign institutional investors (FIIs) were net buyers as they bought shares worth Rs 758.37 crore, according to stock market data on Wednesday.
In the broader market, the BSE Smallcap Gauge was up 0.60 percent and the Midcap Index was up 0.29 percent. Among the BSE sector indices, banks rose 1.94 percent, followed by financials (1.54 percent), teck (1.04 percent), IT (1.02 percent) and telecoms (0.71 percent). Utilities, consumer discretionary, metals, energy and real estate were laggards. A total of 2,062 shares were up while 1,402 were down and 125 were flat.
Elsewhere in Asia, markets in Seoul and Tokyo ended in the green, while Shanghai and Hong Kong ended lower. Equities in Europe traded mixed during the mid-session deals. US markets closed significantly higher on Wednesday. Meanwhile, international oil benchmark Brent fell 0.49 percent to $87.57 a barrel.
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