(Source: ECI/ABP News/ABP Majha)
Stock Market: Sensex Rallies 515 Points To Reclaim 59,000-Mark, Nifty Tops 17,650 As US Inflation Eases
Stock update: Axis Bank was the top gainer in the Sensex pack, climbing 2.75 per cent, followed by Bajaj Finance, HDFC, Tech Mahindra, Wipro, SBI, TCS, and IndusInd Bank on the BSE
Sensex and Nifty, the two key equity benchmarks, on Thursday settled sharply higher on account of robust global sentiment and better-than-estimated US inflation data at 8.5 per cent in July. The domestic indices rallied on Thursday to reclaim the 59,000-level, propelled by heavy buying in IT, banking and financial stocks amid sustained foreign fund inflows.
The BSE index ended 515 points (0.88 per cent) higher at 59,332, while the broader NSE Nifty gained 124 points (0.71 per cent) to close at 17,659.
On the 30-share BSE Sensex, Axis Bank was the top gainer in the Sensex pack, climbing 2.75 per cent, followed by Bajaj Finance, HDFC, Tech Mahindra, Wipro, SBI, TCS, and IndusInd Bank. On the flip side, ITC, NTPC, HUL, Bharti Airtel, Maruti, and Nestle India were among the laggards, sliding as much as 1.56 per cent.
In the broader market, the BSE MidCap and SmallCap indices edged between 0.5 per cent and 0.8 per cent higher.
Sectorwise, the Nifty PSB index gained the most, up 2.3 per cent, followed by the Nifty IT index, up 1.8 per cent.
In Asian markets, Hong Kong, Shanghai, and Seoul ended with significant gains, while Tokyo closed in the red. Equities in Europe were trading on a negative note in mid-session deals.
On the BSE, out of 30 constituents, 19 scrips advanced, while 11 declined.
The rally in the domestic markets was supported by a firm trend in global equities, especially the US gauges and a subsequent rally in Asian indices, traders said.
In the previous session on Wednesday, the 30-share BSE index ended 35.78 points (0.06 per cent) lower at 58,817 in a volatile session, the broader NSE Nifty inched up 9.65 points (0.06 per cent) to close at 17,534.
Wall Street rose sharply on Wednesday after US data showed that inflation eased more than expected in July, indicating that the Fed might be less aggressive in hiking interest rates.
Foreign institutional investors (FIIs) were net buyers in the Indian capital market as they purchased shares worth Rs 1,061.88 crore on Wednesday, as per exchange data.
Meanwhile, the international oil benchmark Brent crude was trading 0.92 per cent higher at $98.30 per barrel.