Sensex, Nifty close over 1% higher, Bharti Airtel, Asian Paints, Maruti Suzuki top gainers
The BSE Sensex and NSE Nifty closed over 1% higher as investors hunted for bargains in recently-battered bank, auto and metal stocks
Mumbai: The BSE Sensex on Thursday shaped up by rebounding over 352 points as investors hunted for bargains in recently-battered bank, auto and metal stocks. The broader Nifty too ended above the key 10,100-mark.
Participants sensed value-buying opportunities after equities’ recent lacklustre run, making stock valuations attractive, brokers said. The 30-share Sensex stayed in the green throughout and hit the day’s high of 32,992.45 following all-round buying. It finally ended at 32,949.21, up 352.03 points, or 1.08%—its biggest single-day gain since 1 November, when it had surged 387.14 points.
This is also the benchmark’s highest closing since 30 November, when it had finished at 33,149.35. The index had lost 205 points on Wednesday after the Reserve Bank held the policy rate and raised the inflation forecast for the remainder of the fiscal. The broader NSE Nifty soared 122.60 points, or 1.22%, today to close at 10,166.70 after shuttling between 10,182.65 and 10,061.90. This is its biggest single-day jump since May 25, when it had gained 149.20.
“RBI’s neutral stance despite firm inflation expectations, and recent falls rendering stocks attractive, whetted the appetite of buyers,” said Anand James, chief market strategist, Geojit Financial Services.
All the BSE sectoral indices closed in the green, led by telecom, consumer durables, power, capital goods, auto, oil and gas and realty. Stocks of state-run oil marketing companies such as HPCL, BPCL and IOC recorded gains of up to 1.83% after global crude prices dropped by nearly 3% to trade below $63 a barrel.
Domestic institutional investors bought shares worth Rs995.11 crore, while foreign funds sold shares to the tune of Rs1,217.92 crore on Wednesday, provisional exchange data showed.
Bharti Airtel secured podium finish among the Sensex constituents, ratcheting up 6.08%. Other gainers were Asian Paints, Maruti Suzuki, Tata Steel, Bajaj Auto, NTPC, L&T, ICICI Bank, HUL, SBI, Tata Motors, Lupin, Adani Ports, Hero Motocorp, Power Grid and Infosys, rising by up to 3.29%. However, Sun Pharma, Wipro, Cipla, TCS and Coal India finished with losses.
Major Asian indices closed higher. Japan’s Nikkei advanced 1.45%, Hong Kong’s Hang Seng rose 0.29%, while Shanghai Composite Index shed 0.67%. In the eurozone, key indices such as Paris CAC 40 and Frankfurt’s DAX were up by 0.32% and 0.55% in their early deals. London’s FTSE too was up 0.24%.
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