Mumbai: Stock markets rallied for the second straight day on Thursday with the benchmark Sensex jumping nearly 693 points on easing political worries as the ruling NDA set in motion its government formation efforts.
Regaining the 75,000 level, the 30-share BSE Sensex jumped 692.27 points or 0.93 per cent to settle at more than week high of 75,074.51. During the day, the barometer soared 915.49 points or 1.23 per cent to 75,297.73.
The NSE Nifty climbed 201.05 points or 0.89 per cent to 22,821.40 with 38 of its constituents ending with gains. Intra-day, it rallied 289.8 points or 1.28 per cent to 22,910.15.
Thanks to the optimistic trend in equities, the market capitalisation of BSE-listed companies climbed Rs 21,05,298.11 crore to Rs 4,15,89,003.38 crore ($4.98 trillion) in two days.
“The benchmark indices maintained their positive momentum, as the new coalition is about to swear in, which is predicted to be a stable government,” Vinod Nair, Head of Research, Geojit Financial Services said.
Realty, IT, and oil & gas shares led the recovery while FMCG and healthcare witnessed profit booking.
Among the 30 Sensex companies, Tech Mahindra, HCL Technologies, State Bank of India, NTPC, Infosys, Larsen & Toubro, Tata Consultancy Services and Wipro emerged as the biggest gainers.
Hindustan Unilever, Asian Paints, Mahindra & Mahindra, Nestle, IndusInd Bank and Sun Pharma were among the laggards.
In the broader market, the BSE smallcap gauge jumped 3.06 per cent, while midcap index climbed 2.28 per cent.
All the indices ended with gains, with realty soaring 4.85 per cent, industrials jumping 3.69 per cent, power by 2.87 per cent, IT by 2.86 per cent, utilities by 2.52 per cent and energy by 2.34 per cent.
As many as 3,009 stocks advanced while 834 declined and 102 remained unchanged on the BSE.
Global oil benchmark Brent crude climbed 0.09 per cent to $78.43 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,656.26 crore on Wednesday, according to exchange data.