Stock Market: Sensex Rises 160 Points, Nifty Above 16,560; IndusInd Bank Surges 5 Per Cent

Stock update: IndusInd Bank was the lead gainer, up 5.08 per cent. The other gainers were Infosys, Nestle, Bharti Airtel, TechM, Bajaj twins, Tata Steel, HUL, and others on the BSE

The BSE MidCap and SmallCap indices were up to 0.17 per cent higher.

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The key equity benchmarks, Sensex and Nifty, on Thursday opened weak amid mixed global responses, but recouped losses and extended gains.

At 10.30 am, the BSE Sensex was up 162 points at 55,560, while the broader NSE Nifty was trading at 16,568, up 47 points.

On the 30-share BSE platform, IndusInd Bank was the lead gainer, up 5.08 per cent. The other gainers were Infosys, Nestle, Bharti Airtel, TechM, Bajaj twins, Tata Steel, HUL, and others. On the flipside, only four constituents are in the red zone. Kotak Bank is main loser, down 1.02 per cent. The other three were HDFC Bank, ICICI Bank, and Reliance.

The broader markets opened in the green. The BSE MidCap and SmallCap indices were up to 0.17 per cent higher.

On NSE, six out of the 15 sector gauges were trading in the red. Sub-indexes Nifty IT and Nifty Financial Services were underperforming the NSE platform by falling as much as 0.56 per cent and 0.32 per cent, respectively.

The overall market breadth was positive as 1,562 shares were advancing, while 769 were declining on the BSE.

In the previous session on Wednesday, Sensex had jumped 630 points (1.15 per cent) to close at 55,398, while Nifty had moved 180 points (1.1 per cent) higher to settle at 16,521.

On the other hand, Asian stocks were trading mostly in the negative territory due to looming interest rate hike in Europe. US stock futures were also down.

Meanwhile, the Indian rupee declined 1 paisa to its all-time low of 80.06 against the US dollar in opening trade on Thursday amid demand for dollar from oil importers and firm crude oil prices.

Forex traders said the rupee is hovering around 80 level as the overall gains in crude prices in the last few days, wherein Brent has risen above $106 per barrel mark, is putting pressure on the local unit.

Global oil benchmark Brent crude futures fell 0.67 per cent to $106.20 per barrel.

Foreign institutional investors remained net buyers in the capital market on Wednesday as they purchased shares worth Rs 1,780.94 crore, as per exchange data.