Stock Market Today: Sensex Closes 351 Points Higher; Nifty Atop 22,500. HDFC Bank Jumps 3%
Stock Market Today: On the 30-share Sensex platform, HDFC Bank is the lead gainer, up 3.06 per cent, followed by Titan, TechM, Asian Paints, TCS, Maruti
The two key equity benchmarks, Sensex and Nifty, on Thursday recouped their losses and climbed higher during the fag end of the trading session. The S&P BSE Sensex closed at 74,228, up 351 points. On the other hand, the NSE Nifty50 settled at 22,515, up 80 points.
Stock update
On the 30-share Sensex platform, HDFC Bank is the lead gainer, up 3.06 per cent, followed by Titan, TechM, Asian Paints, TCS, Maruti. On the down side, SBI, Airtel, JSW Steel, PowerGrid, ITC, Reliance were among the laggards.
In the broader markets, the BSE Midcap and Smallcap indices ended on a mixed note. The former slipped 0.1 per cent while the latter advanced 0.56 per cent.
Sector update
Sectorwise, Nifty Private Bank and IT indices gained over 1 per cent each. Nifty Oil and Gas index fell 1.4 per cent.
In the previous session on Wednesday, the 30-share BSE Sensex dropped 27 points to close at 73,877, while the NSE Nifty50 closed at 22,435, down 19 points.
Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas, said in his Nifty outlook that the index is heading towards the upper end of the rising channel placed at 22,700. "On the downside, the zone of 22,350-22,300 shall act as a crucial support from a short-term perspective. Minor degree pullbacks towards support zones should be used as a buying opportunity," he said.
In other parts of Asia, Seoul and Tokyo saw positive gains today, while Hong Kong and Shanghai remained closed for a holiday. Across Europe, markets were trading in positive territory. Meanwhile, the US markets concluded Wednesday's session with a mixed performance.
On the global front, the Brent crude oil benchmark edged up by 0.36 percent, reaching $88.67 per barrel.
According to exchange data, Foreign Institutional Investors (FIIs) divested equities valued at Rs 2,213.56 crore on Wednesday.
In currency markets, the rupee rebounded by 9 paise to finish at 83.44 (provisional) against the US dollar on Thursday. This uptick was attributed to a strong performance in domestic markets and favorable macroeconomic indicators. Despite a weaker US dollar in international markets, the rupee's gains were tempered by high crude oil prices and continued outflows of foreign funds, as noted by forex traders.
Market sentiment was also influenced by anticipation surrounding the forthcoming decision of RBI's rate-setting panel, scheduled to be disclosed on Friday.
At the interbank foreign exchange market, the rupee commenced trading at 83.44 against the greenback. Throughout the day, it oscillated between an intraday high of 83.42 and a low of 83.46.
Ultimately, the rupee settled at 83.44 (provisional) against the dollar, marking an increase of 9 paise from its previous close.
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