Stock Market Extends Gain: Sensex Rises 400 Points, Nifty Above 19,550. All Sectors In The Green

Stock update: On the 30-share Sensex platform, L&T, Bajaj twins, ICICI Bank, TechM, IndusInd Bank, Axis Bank were among the lead early gainers

The two key equity benchmarks, Sensex and Nifty, on Thursday were trading in a positive note tracking strong global sentiment. At 9.43 am, the BSE Sensex was up 409 points to 65,842. On the other hand, the NSE Nifty50 was trading at 19,563, up 119 points

On the 30-share Sensex platform, L&T, Bajaj twins, ICICI Bank, TechM, IndusInd Bank, Axis Bank were among the lead early gainers. Only Jio Fin is down 5 per cent. Its stock hit 5 per cent lower circuit on the BSE for the fourth consecutive day after listing on exchanges. Procter and Gamble Health’s stock dropped 5 per cent on the BSE after the company logged 28 per cent year-on-year (YoY) dip in net profit to Rs 29.8 crore in Q1FY24.

In the broader markets, Nifty Midcap 100 and Nifty Smallcap 100 indices rose up to 0.7 per cent.

Volatility gauge, India VIX, meanwhile, eased 6 per cent.

Sectorwise, all were trading in the positive territory, with Nifty Metal, Nifty PSU Bank, and Nifty Media indices gaining up to 1 per cent.

In the previous session on Wednesday, the BSE Sensex settled 213 points higher at 65,433, while the NSE Nifty 50 closed with a gain of 48 points to 19,444.

"The near-term market outlook has turned distinctly positive with the US economy's soft landing narrative lifting sentiments globally and Chandrayaan-3's successful soft landing on the moon boosting sentiments in India," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were trading in the positive territory. The US markets ended with gains on Wednesday.

Foreign Institutional Investors (FIIs) turned buyers on Wednesday as they bought equities worth Rs 614.32 crore, according to exchange data.

Global oil benchmark Brent crude declined 0.31 per cent to $82.95 a barrel.

Meanwhile, the rupee registered the highest single-day gain in nearly two months and surged by 25 paise to 82.47 against the US dollar in early trade on Thursday amid a weakening dollar, foreign funds inflows and positive equity markets. Forex traders said selling pressure in the greenback and retreating crude oil prices also boosted the Indian currency even as investors traded cautiously ahead of the BRICS summit and US Federal Reserve Chair Jerome Powell's speech at Jackson Hole Symposium during August 24-26.

At the interbank foreign exchange, the domestic unit opened strong at 82.55 and touched the peak of 82.36 against the American currency. It later traded at 82.47, registering a rise of 25 paise over its previous close. On Wednesday, the rupee had appreciated by 27 paise to close at 82.72 against the US dollar. Earlier, the domestic unit witnessed the highest single-day gain of 35 paise on June 16 this year.