Benchmark indices rebounded around 1 per cent on Thursday due to value buying in banking, IT and auto stocks amid largely positive trend in global markets. Sensex climbed 659.31 points or 1.12 per cent to end at 59,688.22. During the day, it jumped 683.05 points to 59,711.96. Nifty rose 174.35 points or 0.99 per cent to close at 17,798.75. Tech Mahindra, Axis Bank, ICICI Bank, Mahindra & Mahindra, Bharti Airtel, State Bank of India, UltraTech Cement, Bajaj Finserv, IndusInd Bank and Asian Paints were the top Sensex gainers, rising up to 3.23 per cent today.
Tata Steel, NTPC, Titan, Nestle, Power Grid and HCL Tech were the only Sensex losers, falling up to 1.63 per cent.
Share Market Highlights: Sensex ends 659 points higher, Nifty eyes 17,800; bank, financial, IT stocks shine
“The domestic financial markets experienced a wave of optimism tracking strength across global markets as oil prices eased, cooling investor concerns about rising inflation. Despite premium valuations, consistent FII inflows are aiding Indian bourses to stay resilient,” Vinod Nair, Head of Research at Geojit Financial Services.
Mid-cap and small-cap indices on BSE gained 75 points and 176 points, respectively. Banking, IT and capital goods stocks were the top sectoral gainers with their BSE indices zooming 875 points, 289 pts and 216 pts, respectively. Market breadth was positive with 2,062 stocks ending higher against 1,402 stocks falling on BSE. 125 shares were unchanged.
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Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, “After showing sustainable upside recovery from the lows on Wednesday, Nifty witnessed an excellent comeback on Thursday and closed the day higher by 174 points. After opening with an upside gap, the market shifted into a range bound action with positive bias for better part of the session. The upside momentum has picked up towards the end and Nifty closed near the highs. The opening upside gap remains unfilled. A small positive candle was formed on the daily chart with minor lower shadow. Currently, Nifty is placed at the upper area of the sideways range of the last 6-7 sessions at 17800 levels. The market is also in an attempt of decisive upside breakout of the significant down trend line around 17800 levels. Hence, this area is going to be a crucial overhead resistance and a sustainable move above this hurdle could open a sharp trended movement for the market ahead.”
Market cap of BSE-listed firms rose to Rs 282.66 lakh crore. Foreign institutional investors remained net buyers in the capital markets as they bought shares worth Rs 758 crore on Wednesday, as per exchange data.
Previous Session
Sensex and Nifty ended lower for the second straight session, led by losses in banking stocks amid weak global cues. Sensex declined 168.08 points or 0.28 per cent to end at 59,028.91.
During the day, it fell 474.1 points to 58,722.89. Nifty fell 31.20 points or 0.18 per cent to 17,624.40. IndusInd Bank, Mahindra & Mahindra, Maruti, Bharti Airtel, State Bank of India, Tata Steel, ICICI Bank and HDFC were the top Sensex losers today, falling up to 1.69 per cent.
Global markets
Elsewhere in Asia, markets in Seoul and Tokyo ended in the green, while Shanghai and Hong Kong settled lower. Equities in Europe were trading on a mixed note during the mid-session deals. The US markets had ended significantly higher on Wednesday. Meanwhile, the international oil benchmark Brent crude dipped 0.49 per cent to $87.57 per barrel.
