Markets snap 2-day losing streak, Sensex climbs over 405 points
Mumbai: Equity benchmark indices Sensex and Nifty rebounded sharply on Thursday after sliding for the past two sessions, propelled by bargain hunting in capital goods, banking, and IT stocks amid a sharp correction in global crude prices.
An encouraging PMI data further bolstered sentiment, even as relentless foreign capital outflows trimmed gains, traders said.
The 30-share BSE Sensex climbed 405.53 points or 0.62 per cent to settle at 65,631.57. During the day, it rallied 527.16 points or 0.80 per cent to 65,753.20.
Nifty advanced 109.65 points or 0.56 per cent to end at 19,545.75.
“The positive signal from the PMI data and the correction in the crude price boosted the market sentiment. While regarding RBI policy, positively, the market expects the interest rate to be hold-on as external demand outlook indicates muted trend fearing disinflationary trend in the future,” said Vinod Nair, Head of Research at Geojit Financial Services.
Larsen & Toubro was the biggest gainer in the Sensex pack, rising 2.35 per cent, followed by Titan, Tata Consultancy Services, Maruti, Mahindra & Mahindra, Infosys, ICICI Bank and Asian Paints. In contrast, Power Grid, Nestle, NTPC, HCL Technologies and Bajaj Finance were among the laggards.
In the broader market, the BSE smallcap gauge climbed 0.59 per cent and the midcap index dipped 0.03 per cent.
Among the indices, capital goods jumped 1.31 per cent, services climbed 1.03 per cent, IT (0.98 per cent), industrials (0.95 per cent), consumer discretionary (0.93 per cent), tech (0.83 per cent) and auto (0.81 per cent). FMCG, telecommunication, utilities and metal were the laggards.
The rupee pared initial gains to settle 1 paisa lower at 83.25 against the US dollar on Thursday, following a recovery in the American currency.
Global oil benchmark Brent crude declined 0.89 per cent to $85.05 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,424.02 crore on Wednesday, according to exchange data.
