Benchmark indices broke the three-day losing streak and ended higher. At the close, the Sensex was up 503.27 points or 0.94 per cent at 54,252.53, and nifty It was up 144.40 points or 0.90 per cent at 16,170.20. About 1712 shares rose, 1509 shares declined and 126 shares remained unchanged. Tata Steel, JSW Steel, Apollo Hospitals, SBI and HDFC Bank were the top losers on the Nifty, while losers included ITC, UPL, Divis Labs, Sun Pharma and Reliance Industries.
Tata Steel and JSW Steel were the top large-cap leaders today, rising 7 per cent and 5 per cent, respectively, after two consecutive days of decline. Apollo Hospitals, SBI, Hindalco, Axis Bank, HDFC Bank and HDFC were the other gainers on the Nifty 50 index, up over 2 per cent each.
Within the broader market space, Torrent Pharma, M&M Financial Services, Adani Power, ITI, Uttam Sugar and AIA Engineering stole the show.
Sectorally, Nifty PSU Bank and Metal indices shone with gains of 3 per cent and 2.67 per cent, respectively. On the downside, only Nifty FMCG index was in the red, down 0.2 per cent.
Vinod Nair, Head of Research, Geojit Financial Services, said: “The market is showing signs of exhaustion after heavy selling and may bounce back in the short to medium term. Technically, the broader market is in oversold territory and the fundamental valuation is just below the three-year average. A major reason for the current recovery is selling by FIIs and reduction in domestic buying. The fall in FII sell-offs will be the key reason for the rally. For this, action by the FED and RBI in June will be a key factor. Furthermore, we should note that the fiscal measure announced by the Government of India to control inflation is positive for the domestic market.
global signal
Stocks ended broadly higher on Wall Street on Wednesday after minutes of the Federal Reserve’s most recent meeting, signaling that the central bank may keep interest rates at a more neutral level in its fight to tame inflation. Intends to move “fast” to get back on. The S&P 500 rose 0.9 percent, while the Dow Jones Industrial Average rose 0.6 percent. The Nasdaq rose 1.5 percent. Despite more volatility this week, the index, which recovered after being in the red early on, is on a weekly pace of gains.
Tokyo shares opened higher on Thursday after gains on Wall Street, despite ongoing concerns over inflationary pressures due to the war in Ukraine. The benchmark Nikkei 225 index rose 0.14 per cent, or 36.94 points, to 26,714.74, while the broader Topix index rose 0.45 per cent, or 8.43 points, to 1,885.01. The dollar was almost flat at 127.30 yen from 127.26 yen on Wednesday in New York.
Hong Kong shares opened on the front foot on Thursday morning after positive gains from Wall Street eased fears about the Federal Reserve’s plan to hike interest rates. The Hang Seng index rose 0.50 per cent, or 100.95 points, to 20,272.22. The Shanghai Composite Index rose 0.13 per cent, or 4.02 points, to 3,111.48, while the Shenzhen Composite Index gained 014 per cent, or 2.69 points, to 1,947.57 on the second exchange of China.
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