Markets rally over 1% as Sensex rises 899 points in line with global peers

Mumbai: Benchmark stock indices Sensex and Nifty bounced back on Thursday, closing higher by more than 1 per cent in line with a rebound in global equities after recent sharp losses due to the conflict in West Asia.

Snapping its four-day decline, the 30-share BSE Sensex rebounded 899.71 points or 1.14 per cent to settle at 80,015.90. During the day, it surged 1,187.64 points or 1.50 per cent to 80,303.83.

The 50-share NSE Nifty climbed 285.40 points or 1.17 per cent to end at 24,765.90, ending its three-day falling streak.

From the Sensex pack, Adani Ports, Larsen & Toubro, NTPC, Reliance Industries, Bharat Electronics and InterGlobe Aviation were among the major gainers.

Tech Mahindra, HCL Tech, Hindustan Unilever and ICICI Bank were among the laggards.

Brent crude, the global oil benchmark, jumped 1.84 per cent to $82.90 per barrel.

“Indian equity markets ended the session with over 1 per cent gain, managing to snap a sharp multi-day losing streak. With the Middle East conflict entering its sixth day, uncertainty over whether the situation will move toward resolution or further escalation kept market participants cautious, resulting in a consolidation-driven

trading session. “The extreme panic that characterised previous sessions began to ease, reflected in India VIX plunging more than 15 per cent from recent highs,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.

The BSE smallcap select index jumped 1.74 per cent and midcap select index rallied 1.36 per cent. Among sectoral indices, services surged the most 2.84 per cent, followed by utilities (2.58 per cent), power (2.41 per cent), metal (2.32 per cent), industrials (2.32 per cent), auto (1.95 per cent), realty (1.91 per cent), energy (1.83 per cent) and commodities (1.72 per cent).

Information Technology and BSE Focused IT were the only laggards. A total of 2,803 stocks advanced, while 1,453 declined and 141 remained unchanged on the BSE.

FIIs offloaded equities worth Rs 8,752.65 crore on Wednesday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 12,068.17 crore, according to exchange data.

On Wednesday, the Sensex tumbled 1,122.66 points or 1.40 per cent to settle at 79,116.19, falling for the fourth straight session. The Nifty dived 385.20 points or 1.55 per cent to end at 24,480.50, registering its third day of decline.