Markets rebound, Sensex Or Nifty climb nearly 1 pc
MUMBAI: Equity benchmark indices ended nearly 1 per cent higher on Thursday amid continuous foreign fund inflows and buying in index majors HDFC twins and Reliance Industries.
The 30-share BSE Sensex climbed 555.95 points or 0.91 per cent to settle at 61,749.25. During the day, it rallied 604.61 points or 0.98 per cent to 61,797.91.
The broader NSE Nifty advanced 165.95 points or 0.92 per cent to end at 18,255.80.
From the 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 the biggest gainers.
HDFC climbed 2.59 per cent after the housing finance major on Thursday reported a 20 per cent growth in standalone net profit to Rs 4,425 crore for the quarter ending 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 as they bought equities worth Rs 1,338 crore, according to exchange data.
In Asian markets, Shanghai and Hong Kong settled in the green, while Seoul ended lower.
Equity markets in Europe were trading lower. The US markets had ended in the negative territory on Wednesday.
The US Federal Reserve reinforced its fight against high inflation on Wednesday by raising its key interest rate by a quarter percentage point to the highest level in 16 years.
But the Fed also signalled that it may now pause its streak of 10 rate hikes, which have made borrowing for consumers and businesses steadily more expensive.
“Following a widely expected rate hike by the Fed and consistent foreign support, the domestic equities resumed its bullish momentum, driven by gains across major sectors. However, the US market faced losses as the Fed reiterated concerns over elevated inflation despite softening its language on future rate hikes. Signs of returning contagion fears in regional US banks also weighed on the global market mood,” said Vinod Nair, Head of Research at Geojit Financial Services.
The BSE benchmark had declined 161.41 points or 0.26 per cent to settle at 61,193.30 on Wednesday. The Nifty fell 57.80 points or 0.32 per cent to end at 18,089.85.
Meanwhile, global oil benchmark Brent crude gained 1.18 per cent to USD 73.15 per barrel.
