Sensex and Nifty picked a higher note today.
New Delhi:
Indian stock benchmarks traded higher on Thursday after a gloomy start, supported by gains in auto, technology and pharma stocks. A drop in crude oil prices boosted domestic sentiment today.
Brent crude futures fell about 1.91 percent to $109.61 a barrel as investors recalibrated assessments of recession risk and fuel demand.
“Commodity prices are lower, especially oil, which is relatively good for India as it is largely an importer. This could positively impact domestic inflation,” Narendra Solanki, head of research at Anand Rathi Investment Services, told Reuters news agency.
The 30-share BSE Sensex rose 443 points, or 0.86 percent, to close at 52,266 today, while the broader NSE Nifty rose 143 points, or 0.93 percent, to settle at 15,557.
Mid and small cap stocks ended strong as Nifty Midcap 100 rose 1.21 percent lower and small cap 1.31 percent higher.
The 30-share BSE Sensex rose 443 points, or 0.86 percent, to close at 52,266 today, while the broader NSE Nifty rose 143 points, or 0.93 percent, to settle at 15,557.
Mid and small cap stocks ended strong as Nifty Midcap 100 rose 1.21 percent lower and small cap 1.31 percent higher.
14 of the 15 sector meters – compiled by the National Stock Exchange – were in green. Sub-indexes Nifty Auto, Nifty IT and Nifty Pharma outperformed the platform with increases of 4.39 percent, 1.96 percent and 1.58 percent, respectively. Nifty Oil & Gas ended 0.43% lower.
On a stock-specific front, Maruti was the top Nifty gainer as the stock rose 6.65 percent to Rs 8,300.30. Hero MotoCorp, Eicher Motors, M&M and Bajaj Auto were also among the winners.
Overall market size was positive: 2,093 shares advanced, while 1,211 shares fell on BSE.
“Short-term volatility remains high. Broadly expect pressure to continue while limited stock-specific risk definable opportunities are available. Selected auto, banking and mid-cap energy stocks look attractive from a risk perspective. Expect continued selling pressure in the metal space,” said Sahaj Agrawal, Head of Research, Derivatives at Kotak Securities.
On the 30-share BSE index, Maruti, M&M, Asian Paints, Bharti Airtel, TCS, Sun Pharma, Wipro, Hindustan Unilever, ICICI Bank, L&T, Bajaj Finserv and Infosys were among the top winners.
By contrast, Reliance Industries, NTPC, PowerGrid and UltraTech Cement finished in the red.
Shares of Life Insurance Corporation of India (LIC), the country’s largest insurer and largest domestic financial investor, also fell 0.55 percent to close at Rs 664.90 after rising for three consecutive sessions.
