MUMBAI: Snapping four days of losing run, the Indian stock markets’ key indices Sensex and Nifty rallied by nearly 0.8 per cent on Thursday, led by strong buying support in Reliance Industries.
The 30 stock S&P BSE Sensex surged 427.79 points to close at 55,320.28 points against its previous day’s close at 54,892.49 points. The Sensex has closed in the positive for the first time in the last five trading sessions. It had slumped 214.85 points on Wednesday after the Reserve Bank of India (RBI) hiked the policy repo rate by 50 basis points to tame inflation.
The markets witnessed a volatile session. The Sensex started the day in the red at 54,514.17 points and slumped to a low of 54,507.41 points in the early morning trade. The index turned positive later in the day. Strong buying support in the last hour of trading pushed the Sensex to a high of 55,366.84 points in the intra-day.
The broader Nifty 50 of the National Stock Exchange jumped 121.85 points to 16,478.10 points against its previous day’s close at 16,356.25 points. It started the day in the negative at 16,263.85 points and slumped to a low of 16,243.85 points in the morning trade. The Nifty surged to a high of 16,492.80 points in the intra-day.
Reliance Industries led the rally in the market. The index heavyweight surged 2.73 per cent to Rs 2,798.60. Dr Reddy’s Laboratories jumped 3 per cent to Rs 4326.10, Bharti Airtel surged 2.01 per cent to Rs 676.50 and Sun Pharma jumped 1.36 per cent to Rs 858.40.
There was strong buying support in IT stocks. Tech Mahindra jumped 1.31 per cent to Rs 1,138.80 while Wipro rose 0.99 per cent to Rs 475.10. Infosys climbed 0.98 per cent to Rs 1,514.60 while TCS closed 0.69 per cent higher at Rs 3,426.55.
Tata Steel slumped 3.81 per cent to Rs 1,045.35 and NTPC dipped 1.18 per cent to Rs 155.20. Ultra Tech Cement fell 0.93 per cent to Rs 5,481.80. Only 10 of the 30 scrips that are part of the Sensex closed in the red. Bajaj Finance, State Bank of India, Asian Paints, HCL Technologies, Bajaj Finserv and Hindustan Unilever were among the major Sensex losers. (ANI)