Sensex jumps 427 points, Nifty settles above 16,100 points; metals, PSU banks rally

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Benchmarks Nifty and Sensex ended nearly 1% higher on Thursday, led by metals and bank stocks amid positive global market cues.

The S&P BSE Sensex gained 427.49 points (0.80%) to end at 54,178.46 while the Nifty 50 rose 143.10 points (0.89%) to settle at 16,132.90 . Both indices had opened around 0.5% earlier in the day and traded in the green throughout the session, with the Sensex hitting an intraday high of 54,254.79 and the wider Nifty hitting 16,150.50. .

Among the Sensex pack, Titan Company, Tata Steel, Larsen & Toubro (L&T), IndusInd Bank, Mahindra & Mahindra (M&M), ICICI Bank, Kotak Mahindra Bank, HDFC Bank and State Bank of India were the top winners. In contrast, Dr. Reddy’s Laboratories, Nestle India, Reliance Industries (RIL), Bharti Airtel, Hindustan Unilver (HUL) and Bajaj Finance ended lower.

Among the sector indices on NSE, the Nifty Metal Index jumped 3.79%, Nifty PSU Bank rose 3.42%, Nifty Realty jumped 2.62% and Nifty Consumer Durables gained 2.64% . Key Bank Nifty also rose 1.74%.

In the broader market, the S&P BSE MidCap index ended at 22,611.38, up 265.32 points (1.19%) while the S&P BSE SmallCap climbed 328.87 points (1.30 %) to settle at 25,568.55. The Volatility Index or India VIX fell 5.25% to 19.20.

“Domestic stock exchanges reflected an upbeat mood in global equity markets as investors digested the latest FOMC minutes as falling crude and commodity prices boosted investor sentiment. This bullish momentum could dominate markets. short-term markets, buoyed by hopes of lower inflation. The latest round of RBI measures to boost foreign exchange inflows should help the rupee plummet,” said Vinod Nair, head of research at Geojit Financial Services.

World Markets (from AP)

Global stock markets and Wall Street futures gained on Thursday after lower oil prices helped ease fears of a spike in inflation that the Federal Reserve said could necessitate more rate hikes. US interest rates.

London and Frankfurt opened higher. Shanghai, Tokyo and Hong Kong are progressing.

In early trading, the FTSE 100 in London gained 0.7% to 7,156.84. Frankfurt’s DAX gained 1.4% to 12,775.06 and the CAC 40 in Paris rose 1.3% to 5,989.14.

On Wall Street, the future of the benchmark S&P 500 rose 0.2% after notes released Wednesday at the Fed’s latest meeting said “an even tighter stance may be appropriate.” to bring inflation back to its target of 2%.

In Asia, the Shanghai Composite Index rose 0.3% to 3,364.40 and the Nikkei 225 in Tokyo gained 1.5% to 26,490.53. The Hang Seng in Hong Kong closed 0.3% higher at 21,643.58 after spending much of the day in negative territory. The Kospi in Seoul climbed 1.8% to 2,334.27 and Sydney’s S&P-ASX 200 rose 0.8% to 6,648.00.

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