Mumbai: Equity benchmark indices ended nearly 1 per cent higher on Thursday amid foreign fund inflows and buying in index majors HDFC twins and Reliance Industries. The 30-share BSE Sensex rose 555.95 points, or 0.91 per cent, to close at 61,749.25. During the day, it gained 604.61 points, or 0.98 percent, to 61,797.91.
The broader NSE Nifty settled 165.95 points, or 0.92 per cent, higher at 18,255.80. Among Sensex firms, Bajaj Finance, HDFC, HDFC Bank, Bajaj Finserv, Asian Paint, State Bank of India, Tata Consultancy Services, Bharti Airtel, Reliance Industries and Tata Steel were among the top gainers.
HDFC climbed 2.59 per cent on Thursday after the housing finance major posted a 20 per cent rise in standalone net profit to Rs 4,425 crore for the quarter ended March 2023 on the back of higher interest income. IndusInd Bank, Nestle, Power Grid, ITC, Tata Motors and Mahindra & Mahindra were the major laggards.
Foreign institutional investors (FIIs) were net buyers on Wednesday, buying shares worth Rs 1,338 crore, according to exchange data. In the Asian markets, Shanghai and Hong Kong closed in the green while Seoul closed with a decline. Europe’s stock markets were trading with a decline. US markets closed in the negative zone on Wednesday.
The US Federal Reserve on Wednesday strengthened its fight against high inflation by raising its key interest rate by a quarter percentage point to a 16-year high. But the Fed also signaled it may now pause its streak of 10 rate hikes, which has made borrowing steadily more expensive for consumers and businesses.
“Following a widely expected rate hike by the Fed and sustained overseas support, domestic equities resumed their uptrend, driven by gains in key sectors. However, the US market faced losses as the Fed cut its The softening of the language notwithstanding reiterated concerns over high inflation and future rate hikes, said Vinod Nair, head of research at Geojit Financial Services.
On Wednesday, the BSE benchmark had closed 161.41 points or 0.26 per cent lower at 61,193.30. The Nifty closed at 18,089.85, down 57.80 points, or 0.32 per cent. Meanwhile, global oil benchmark Brent crude gained 1.18 per cent to USD 73.15 per barrel.
ALSO READ: Multibagger penny stock: Vikas Ecotech forays into green-eco-friendly infra projects
ALSO READ: Adani Ports sells exclusive economic zone to Myanmar Port for USD 30 million