Sensex rises 437 points after two days of fall; Nifty 16,600. of recovery
The benchmark Sensex rallied 437 points on Thursday amid heavy buying in index heavyweight Reliance Industries and a positive trend from European markets.
The 30-share BSE Sensex closed at 55,818.11, up 436.94 points or 0.79 per cent. During the day, it closed at 55,891.92 with a gain of 510.75 points or 0.92 per cent. The broader NSE Nifty climbed 105.25 points, or 0.64 per cent, to end at 16,628.
From the Sensex pack, Reliance Industries, Bajaj Finserv, Sun Pharma, HCL Technologies, TCS, Asian Paints, Infosys and IndusInd Bank were the major gainers. In contrast, HDFC, Hindustan Unilever, PowerGrid and HDFC Bank were the biggest laggards.
“High frequency data like GST collection and PMI has shown a good start to FY23. Crude oil prices have declined which has boosted the performance of the Indian market. However, much on central bank policy in India and US. Some will depend, which will be announced in the next two weeks,” said Vinod Nair, head of research, Geojit Financial Services.
Elsewhere in Asia, markets in Tokyo, Hong Kong and Seoul ended lower, while Shanghai remained in the green. European markets were trading with gains during afternoon trading. The US stock markets closed with a fall on Wednesday.
Meanwhile, international oil benchmark Brent crude fell 2.21 per cent to $113.7 per barrel. Foreign institutional investors offloaded shares worth a net Rs 1,930.16 crore on Wednesday, according to stock exchange data.