Sensex and Nifty picked a higher note today.
New Delhi:
Indian stock indices trimmed early losses on Thursday and extended their winning run for the fifth straight session. Global equity markets turned positive after the resumption of Russian gas supplies to Europe. Equities in Asia were mixed as Japan’s Nikkei index rose sharply as the central bank (Bank of Japan) left monetary policy unchanged. However, China’s benchmark Shanghai Composite Index and Hong Kong’s Hang Seng fell. US stock futures were also weak.
Domestic indices gained strength in late deals, led by gains in banking, technology and consumer stocks. The Center’s move to lower windfall taxes on crude oil and fuel exports also continued to push most energy stocks higher, despite a drop in heavyweight Reliance Industries stocks in the index today.
The 30-share BSE Sensex rose 284 points or 0.51 percent to close at 55,682 today, while the broader NSE Nifty moved up 84 points or 0.51 percent to end at 16,605.
Mid and small cap stocks ended strong as Nifty Midcap 100 rose 1.38 percent and small cap rose 0.77 percent.
13 of the 15 sector meters – compiled by the National Stock Exchange – were in green. Sub-indexes Nifty Bank, Nifty FMCG, Nifty IT and Nifty Oil & Gas outperformed the NSE platform, up 0.64 percent, 0.79 percent, .70 percent and 0.98 percent, respectively.
However, Nifty Pharma and Nifty Healthcare fell 0.47 percent and 0.18 percent each.
On a stock-specific front, IndusInd Bank was the best riser as the stock rose 8.10 percent to Rs 950.50 after a 60.5 percent increase in net profit for the quarter ended June. Bajaj Finance, Tata Consumer Products, UPL and L&T were also among the winners.
Overall market size was positive: 2,007 shares rose while 1,332 shares fell on BSE.
In the 30-share BSE index, IndusInd Bank, Bajaj Finance, Bajaj Finserv, Asian Paints, Tech Mahindra, L&T, Axis Bank, PowerGrid, Nestle India, Bharti Airtel, Infosys and M&M were among the top winners with as many shares as 7.88 per cent.
In contrast, Dr. Reddy’s, Kotak Mahindra Bank, Reliance and HDFC Bank in red.
Shares of Life Insurance Corporation of India (LIC), the country’s largest insurer and largest domestic financial investor, also rose 0.04 percent lower to finish at Rs 687.55.
