Sensex Rallies 1,041 Points, Nifty Reclaims 16,900; IT, Financials Surge

Sensex Rallies 1,041 Points, Nifty Reclaims 16,900; IT, Financials Surge

Sensex and Nifty settled on a higher note today.

New Delhi:

Indian equity benchmarks on Thursday surged for the second consecutive day, led by strong buying interest in technology and financial stocks.

Most stocks in Asia made cautious gains as investors sensed a possible slowdown in the pace of U.S. Federal Reserve interest rate hikes. The Fed raised rates by 75 basis points (bps), but its chair Jerome Powell dropped guidance on the size of the next rate hike and noted that “at some point,” it would be appropriate to slow down. U.S. stock futures, however, indicated a lower start for Wall Street.

Back home, the 30-share BSE Sensex zoomed 1,041 points or 1.87 per cent to close at 56,858 today, while the broader NSE Nifty moved 288 points or 1.73 per cent higher to settle at 16,930.

Mid- and small-cap shares finished on a strong note as Nifty Midcap 100 rose 0.84 per cent and small-cap climbed 0.85 per cent.

All 15 sector gauges — compiled by the National Stock Exchange — settled in the green. Sub-indexes Nifty IT and Financial Services outperformed the NSE platform by rising as much as 2.81 per cent and 2.41 per cent, respectively.

On the stock-specific front, Bajaj Finance was the top Nifty gainer as the stock soared 10.46 per cent to Rs 7,065.50 after the non-bank lender’s quarterly profit more than doubled to Rs 2,596 crore ($325.37 million). Bajaj Finserv, Tata Steel, Kotak Mahindra Bank and SBI Life were also among the gainers.

The overall market breadth stood positive as 1,910 shares advanced while 1,429 declined on BSE.

On the 30-share BSE index, Bajaj Finance, Bajaj Finserv, Tata Steel, Kotak Bank, IndusInd Bank, Tech Mahindra, Infosys, Asian Paints, Nestle India, Wipro, TCS and HCL Technologies were among the top gainers with their shares up as much as 10.68 per cent.

Further, shares of Life Insurance Corporation of India (LIC), the country’s biggest insurer and largest domestic financial investor, edged 0.12 per cent higher to end at Rs 675.30.

In contrast, Bharti Airtel, UltraTech Cement, Dr Reddy’s, ITC and Sun Pharma finished in the red.

Also, shares of budget airline SpiceJet fell as much as 3.52 per cent to close at Rs 36.95 after the aviation regulator DGCA ordered the carrier to slash its approved fleet to 50 per cent this summer for eight weeks, citing multiple safety snags. During the day, the stock tanked as much as 9.66 per cent to its 52-week low of Rs 34.60.

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