Market posted strong gains, most of Adani Group stocks recover
At close, the Sensex was up 1,961.32 points or 2.54% at 79,117.11, and the Nifty was up 557.35 points or 2.39% at 23,907.25.
Major indices Sensex and Nifty advanced for the second day on Thursday, after it broke the nine-session-long losing streak earlier in the week over easing US-China trade tension and government’s recapitalisation of PSU banks.
The Finance Ministry on Wednesday announced capital infusion of Rs 48,239 crore in the 12 public sector banks, following which PSU Bank Nifty index surged up to 1.6 per cent.
However, the export-oriented IT stock closed lower both on BSE and NSE.
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Corporation Bank, the biggest recipient of the infusion, gained close to 20 per cent.
“Market extended gains as investor sentiment has been boosted owing to recapitalisation of PSU banks and Fed’s affirmation of slow pace in rate hikes,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair added that accumulation is seen in heavyweights after the recent fall, while mid- and small-cap have outperformed. Undercurrent in the market is yet to stabilise due to caution on global trade and growth, while easing interest rates and reforms by the government will give impetus to consumption-led stocks.
The BSE Sensex closed 142.09 points or 0.40 per cent higher at 35,898.35, while the Nifty gained 54.40 points or 0.51 per cent at 10,789.85.
Tata Motors led the gains in the Sensex pack and was followed by Vedanta, Tata Motors(DVR), ONGC and Bajaj Finance, while Yes Bank, Infosys, Maruti Suzuki, Coal India and IndusInd Bank settled lower, slipping up to 1.50 per cent.
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