Stock Market: Sensex Surges 659 Points, Nifty Ends Near 17,800; Bank, Auto, IT Shares Lead

Stock update: TechM rose the most by 3.23 per cent. Axis Bank, ICICI Bank, M&M, Airtel, SBI, UltraTech Cement, Bajaj Finserv, IndusInd Bank, and Asian Paints emerged as the biggest gainers on the BSE

In the broader market, the BSE smallcap gauge climbed 0.60 per cent and midcap index ended higher by 0.29 per cent.

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Sensex and Nifty, the two key equity benchmarks, rebounded by over 1 per cent on Thursday following value buying in banking, IT, and auto shares and falling crude oil prices have largely impacted investors sentiment amid positive trend in global markets.

The BSE Sensex climbed 659 points (1.12 per cent) to settle at 59,688 as 24 of its constituents advanced. The broader NSE Nifty also bounced back by 174 points (0.99 per cent) to close at 17,798 with 33 stocks closing with gains.

On the 30-share Sensex platform, Tech Mahindra rose the most by 3.23 per cent among Sensex shares. Axis Bank, ICICI Bank, Mahindra & Mahindra, Bharti Airtel, State Bank of India, UltraTech Cement, Bajaj Finserv, IndusInd Bank, and Asian Paints emerged as the biggest gainers among Sensex shares. On the flip side, Tata Steel, NTPC, Titan, Nestle, and Power Grid were the laggards.

In the broader market, the BSE smallcap gauge climbed 0.60 per cent and midcap index ended higher by 0.29 per cent.

Among the BSE sectoral indices, bank jumped 1.94 per cent, followed by finance (1.54 per cent), teck (1.04 per cent), IT (1.02 per cent) and telecom (0.71 per cent). Utilities, consumer durables, metal, power and realty were the laggards.

A total of 2,062 stocks advanced, while 1,402 declined and 125 remained unchanged.

In the previous session on Wednesday, the BSE benchmark declined 168 points (0.28 per cent) to settle at 59,028, while the Nifty dipped 31 points (0.18 per cent) to 17,624.

"The domestic financial markets experienced a wave of optimism tracking strength across global markets as oil prices eased, cooling investor concerns about rising inflation. Despite premium valuations, consistent FII inflows are aiding Indian bourses to stay resilient," Vinod Nair, Head of Research at Geojit Financial Services.

"Positive global cues with cooling oil prices and all time high demat account openings in the country helped pull the sentiments in favour of bulls as BFSI coupled with the PSU banks led the charge today with a percentage gain in the Nifty," S Ranganathan, Head of Research at LKP Securities said.

Elsewhere in Asia, markets in Seoul and Tokyo ended in the green, while Shanghai and Hong Kong settled lower. Equities in Europe were trading on a mixed note during the mid-session deals. The US markets had ended significantly higher on Wednesday.

Meanwhile, the international oil benchmark Brent crude dipped 0.49 per cent to $87.57 per barrel.

Foreign institutional investors (FIIs) were net buyers as they bought shares worth Rs 758.37 crore on Wednesday, as per exchange data.