Sensex jumps 905 points, investors gain Rs 5 lakh crore as market rallies
Buying was seen across sectors led by Realty, FMCG and PSU Banks. Midcap and Smallcap indices also gained, while Auto was the only laggard.
Mumbai (The Uttam Hindu): Indian stock markets closed in the green on Thursday. The Sensex rose 905.01 points, or 1.24 percent, to 74,151.04, and the Nifty gained 237.90 points, or 1.05 percent, to 22,936.75.
The market witnessed widespread buying. The Nifty Midcap 100 index rose 566.95 points, or 0.99 percent, to 57,841.65, and the Nifty Smallcap 100 index gained 176.45 points, or 0.95 percent, to 18,811.35.
Among the indices, Nifty Realty (2.75 per cent), Nifty FMCG (2.34 per cent), Nifty PSU Bank (2.20 per cent), Nifty Services (1.61 per cent), Nifty Private Bank (1.24 per cent), Nifty Infra (1.18 per cent), Nifty Consumer Durables (1.18 per cent), Nifty Financial Services (1.17 per cent), Nifty PSE (1.15 per cent) closed with the biggest gains.
Among the key indices, only Nifty Auto (0.24 per cent) closed with a decline. Adani Ports, Kotak Mahindra Bank, Power Grid, Eternal, Bajaj Finance, HUL, SBI, Titan, NTPC, BEL, Infosys, ITC, Bharti Airtel, M&M, L&T, TCS, ICICI Bank, HCL Tech and Bajaj Finserv were among the gainers in the Sensex pack. Trent, Maruti Suzuki, Tech Mahindra and HDFC Bank were among the losers.
Experts said Indian stock markets rose on the back of the US Fed's decision to pause rate hikes, a slight softening in crude oil prices, and renewed buying by institutional investors, even as the external environment remains challenging. FMCG stocks saw the biggest gains due to strong consumer demand. Financial, IT, realty, and power sectors also saw strength. Mid-cap and small-cap stocks also rose, indicating a broader market recovery.
He further stated that recent buying by foreign investors and continued support from domestic institutional investors have improved liquidity conditions in the market. Resilience in corporate earnings and stable domestic demand are positive signs for the market, although rising input costs may pressure corporate margins. On the other hand, high Brent crude prices, a weak rupee, rising domestic bond yields, and geopolitical uncertainty remain key risks.