Mumbai: Benchmark indices recovered after falling in early trading on Thursday, posting a fifth day of gains amid a decline in crude oil prices and foreign fund inflows. The 30-share BSE Sensex climbed 284.42 points or 0.51 percent to settle at 55,681.95. During the day, it rose 340.96 points or 0.61 percent to 55,738.49.
The broader NSE Nifty rose 84.40 points or 0.51 percent to 16,605.25. Among the Sensex constituents, IndusInd Bank, Bajaj Finance, Bajaj Finserv, Asian Paints, Tech Mahindra, Larsen & Toubro, Axis Bank and Power Grid were the winners.
Shares of IndusInd Bank rose 7.88 percent after the company reported a 60.5 percent increase in net profit for the quarter ended June. dr. Reddy’s Lab, Kotak Mahindra Bank, Reliance Industries, HDFC Bank and NTPC were the laggards. “With support from FII buying, the domestic market was able to withstand the downward pressure from global markets to close positively. Global indices traded lower amid concerns about interest rate hikes…” said Vinod Nair, Head of Research at Geojit Financial Services. In Asia, the markets in Seoul and Tokyo ended in the green, while Shanghai and Hong Kong were lower.
Markets in Europe traded during mid-session deals. US stocks closed higher on Wednesday. Meanwhile, the international oil benchmark Brent oil fell 3.90 percent to $102.8 a barrel.
Foreign institutional investors were net buyers on Wednesday, raising shares worth Rs 1,780.94 crore, according to stock market data. “FIIs made net buyers of local equities amounting to Rs 1,781 crore on Wednesday, extending buying momentum for the third consecutive session,” said Prashanth Tapse, Vice President (Research), Mehta Equities Ltd.
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