Markets gain momentum powered by rally in Reliance Industries & easing crude prices

Mumbai: Equity indices found firmer ground on Thursday after a two-day decline, buoyed by a rally in market heavyweight Reliance Industries and easing crude oil prices.

However, a depreciating rupee and unrelenting foreign fund outflows capped the gains, traders said.

Overcoming a wobbly start, the 30-share BSE Sensex climbed 436.94 points or 0.79 per cent to finish at 55,818.11.

Similarly, the broader NSE Nifty surged 105.25 points or 0.64 per cent to 16,628.

Reliance Industries stole the show in Thursday's session, vaulting 3.51 per cent, followed by Bajaj Finserv, Sun Pharma, HCL Tech, TCS, Infosys, Asian Paints and Tata Steel.

The losers' list comprised HDFC twins, PowerGrid, HUL, Kotak Bank, ICICI Bank, M&M, L&T, Maruti and Tech Mahindra.

In the broader market, the BSE smallcap gauge rose 0.60 per cent but the midcap index dipped 0.04 per cent.

Among BSE sectoral indices, energy jumped 2.33 per cent, oil and gas 2.14 per cent, IT 1.56 per cent, teck 1.55 per cent and utilities 1.07 per cent. Auto, capital goods, finance and bank were the

laggards.

Global markets were mixed after oil benchmark Brent crude declined 2.21 per cent to $113.7 per barrel following reports that Saudi Arabia is ready to ramp up supplies to fill the shortfall created by Western sanctions on Russian oil.

The rupee depreciated by 10 paise to close at 77.60 against the US dollar.