MUMBAI: Equity benchmark Sensex climbed more than 385 points to recapture the 66,000 mark on Thursday, driven by robust buying in major indices HDFC Bank, L&T and SBI amid a weak trend in global equities.
A drop in crude oil prices in the international market also supported domestic stocks, traders said.
The BSE Sensex rose for the fifth day in a row, recovering early lost ground and finally closing with a gain of 385.04 points or 0.58 percent at 66,265.56. During the day, it reached a low of 65,672.34 and a high of 66,296.90.
The Nifty advanced 116 points, or 0.59 percent, to 19,727.05.
“The markets continued the recovery into the weekly expiration day, rising well over half a percent. The tone was capped in the first half, but a sharp rise in selected heavyweights shifted the bias in favor of bulls as the day progressed” said Ajit Mishra. , SVP – Technical Research, Religare Broking Ltd.
Within the Sensex package, Larsen & Toubro rose 4.26 percent to emerge as the largest gainer, followed by IndusInd Bank, Tech Mahindra, State Bank of India, HCL Technologies, Power Grid, NTPC, Axis Bank, Kotak Mahindra Bank, HDFC Bank and Wipro.
Mahindra & Mahindra, Infosys, UltraTech Cement and Hindustan Unilever were the biggest laggards.
“Benchmark indices showed a smart afternoon rally today with the help of PSU and infrastructure stocks. With a 13.5 percent market cap share, PSU companies have seen a robust jump of just over 9 percent in 2021, while several state-owned midcap entities have seen multiple-fold increases in their share values over this period.
“Late afternoon ETF flows also helped large caps regain lost ground,” said S Ranganathan, head of research at LKP Securities.
In the broader market, the BSE mid-cap index rose 0.79 percent and the small-cap index rose 0.40 percent.
Among the indices, capital goods rose 2.29 percent, industrials rose 1.55 percent, real estate rose 1.44 percent, bankex gained 1.12 percent, utilities (1.04 percent), financial services (0.97 percent) and energy (0.96 percent). .
FMCG emerged as the only laggard.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended lower.
European markets traded in the green during the initial deals. The US stock markets closed in negative territory on Wednesday.
The global oil benchmark for Brent crude fell 0.72 percent to USD 89.95 a barrel.
“The domestic market initially opened with a mediocre performance, impacted by weak global signals. However, as the day progressed, a fall in US bond yields and crude oil prices brought some positivity to the market.
“This optimism was most prominent in banking stocks. Interestingly, mid and small cap stocks managed to hold investor interest even though their valuations are relatively high. Nevertheless, persistently weak trade data from China continues to cast a shadow over global market prospects. outlook,” said Vinod Nair, head of research at Geojit Financial Services.
Foreign institutional investors (FIIs) sold shares worth Rs 3,245.86 crore on Wednesday, according to stock market data.
During the previous session on Wednesday, fag-end purchases helped the BSE benchmark rise 100.26 points, or 0.15 percent, to 65,880.52. The Nifty advanced 36.15 points or 0.18 percent to finish at 19,611.05.
A drop in crude oil prices in the international market also supported domestic stocks, traders said.
The BSE Sensex rose for the fifth day in a row, recovering early lost ground and finally closing with a gain of 385.04 points or 0.58 percent at 66,265.56. During the day, it reached a low of 65,672.34 and a high of 66,296.90.
The Nifty advanced 116 points, or 0.59 percent, to 19,727.05.
“The markets continued the recovery into the weekly expiration day, rising well over half a percent. The tone was capped in the first half, but a sharp rise in selected heavyweights shifted the bias in favor of bulls as the day progressed” said Ajit Mishra. , SVP – Technical Research, Religare Broking Ltd.
Within the Sensex package, Larsen & Toubro rose 4.26 percent to emerge as the largest gainer, followed by IndusInd Bank, Tech Mahindra, State Bank of India, HCL Technologies, Power Grid, NTPC, Axis Bank, Kotak Mahindra Bank, HDFC Bank and Wipro.
Mahindra & Mahindra, Infosys, UltraTech Cement and Hindustan Unilever were the biggest laggards.
“Benchmark indices showed a smart afternoon rally today with the help of PSU and infrastructure stocks. With a 13.5 percent market cap share, PSU companies have seen a robust jump of just over 9 percent in 2021, while several state-owned midcap entities have seen multiple-fold increases in their share values over this period.
“Late afternoon ETF flows also helped large caps regain lost ground,” said S Ranganathan, head of research at LKP Securities.
In the broader market, the BSE mid-cap index rose 0.79 percent and the small-cap index rose 0.40 percent.
Among the indices, capital goods rose 2.29 percent, industrials rose 1.55 percent, real estate rose 1.44 percent, bankex gained 1.12 percent, utilities (1.04 percent), financial services (0.97 percent) and energy (0.96 percent). .
FMCG emerged as the only laggard.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended lower.
European markets traded in the green during the initial deals. The US stock markets closed in negative territory on Wednesday.
The global oil benchmark for Brent crude fell 0.72 percent to USD 89.95 a barrel.
“The domestic market initially opened with a mediocre performance, impacted by weak global signals. However, as the day progressed, a fall in US bond yields and crude oil prices brought some positivity to the market.
“This optimism was most prominent in banking stocks. Interestingly, mid and small cap stocks managed to hold investor interest even though their valuations are relatively high. Nevertheless, persistently weak trade data from China continues to cast a shadow over global market prospects. outlook,” said Vinod Nair, head of research at Geojit Financial Services.
Foreign institutional investors (FIIs) sold shares worth Rs 3,245.86 crore on Wednesday, according to stock market data.
During the previous session on Wednesday, fag-end purchases helped the BSE benchmark rise 100.26 points, or 0.15 percent, to 65,880.52. The Nifty advanced 36.15 points or 0.18 percent to finish at 19,611.05.
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