Stock Market: Sensex Gains 427 Points, Nifty Reclaims 16,100; Metal, Banks Lead, Titan Jumps Above 5%

Stock update: Tata Steel, Larsen & Toubro, IndusInd Bank, M&M, ICICI Bank, Kotak Mahindra Bank, and HDFC Bank were the other major gainers, rising up to 4.88 per cent on the BSE

In the broader markets, Midcap and Smallcap shares finished on a strong note as Nifty Midcap 100 rose 1.35 per cent and Smallcap gained 1.57 per cent.

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Sensex and Nifty, the two key equity benchmarks, on Thursday extended their winning streak for the second straight day, led by gains in metal, bank, and consumer durable stocks and depleting commodity prices eased inflationary pressure.

The BSE Sensex jumped 427 points (0.80 per cent) to close at 54,178, while the broader NSE Nifty moved 143 points (0.89 per cent) higher to settle at 16,133.

On the 30-share Sensex platform, Tata Steel, Larsen & Toubro, IndusInd Bank, M&M, ICICI Bank, Kotak Mahindra Bank, and HDFC Bank were the other major gainers, rising up to 4.88 per cent.

In contrast, Dr Reddy's, Nestle India, Bharti Airtel, Reliance Industries, Bajaj Finance, HUL, and Bajaj Finserv were among the laggards, shedding as much as 1.26 per cent.

Titan was the biggest gainer in the Sensex pack, spurting 5.69 per cent, after the Tata group firm reported a threefold jump in sales for the April-June quarter.

In the broader markets, Midcap and Smallcap shares finished on a strong note as Nifty Midcap 100 rose 1.35 per cent and Smallcap gained 1.57 per cent.

On NSE, 14 out of the 15 sector gauges settled in the green. Sub-indexes Nifty Metal, Nifty Consumer Durables, and Nifty Bank outperformed the NSE platform by rising as much as 3.79 per cent, 2.64 per cent, and 1.74 per cent.

The market breadth was positive, with 21 of the 30 Sensex stocks closing in the green.

"Domestic bourses mirrored an upbeat mood in global equity markets as investors digested the latest FOMC minutes while falling crude and commodity prices lifted investor sentiments. This upside momentum could dominate the markets in the near-term, underpinned by hopes of reducing inflation," said Vinod Nair, Head of Research at Geojit Financial Services.

The RBI's latest measures to boost foreign exchange inflows is expected to aid the tumbling rupee, he added.

All the BSE sectoral indices ended higher, with metal advancing the most by 4.49 per cent, followed by consumer durables (3.24 per cent), realty (2.55 per cent), basic materials (2.22 per cent), capital goods (2.01 per cent), and industrials (1.73 per cent).

In their previous session on Wednesday, the BSE benchmark climbed 616 points (1.16 per cent) to settle at 53,750, the Nifty advanced 178 points (1.13 per cent) to 15,989.

Meanwhile, global stocks marched higher despite the US Federal Reserve's minutes of its previous meeting indicating a hawkish stance, with a rate hike of 75 basis points likely in July to tame inflation.

In Asia, markets in Tokyo, Seoul, Shanghai and Hong Kong ended higher, European bourses too were trading in the positive zone in mid-session deals. The US markets had clocked gains on Wednesday.

International oil benchmark Brent crude inched up 0.05 per cent to $100.7 per barrel.

The rupee declined 19 paise to close at 79.13 (provisional) against the US dollar on Thursday.

Foreign institutional investors resumed selling after a day's breather, offloading shares worth a net Rs 330.13 crore on Wednesday, as per exchange data.