Market recovers from its lows, Metal records sharp gain
Both the benchmark indices closed the session with positive gains experiencing a notable recovery from its lows on Tuesday.
The Indian stock market’s benchmark Sensex closed 157 points higher on Thursday led by strong buying support in metal and technology stocks amid strong cues from the global equities.
The 30 stock S&P BSE Sensex ended the day at 58,222.10 points, which is 156.63 points or 0.27 per cent higher than its previous session’s close at 58,065.47 points. Tracking the rally in the global equities markets, the Sensex started the day sharply higher at 58,314.05 points and soared to a high of 58,578.76 points.
The markets pared part of the gains due to selling pressure in the last hour of the trade. The Sensex slipped to a low of 58,173.70 points in the intra-day.
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This is the second consecutive day of strong rally in the Indian equities markets. The Sensex had gained 1276.66 points or 2.25 per cent on Tuesday, the previous trading day.
The broader Nifty 50 of the National Stock Exchange jumped 57.50 points or 0.33 per cent higher at 17,331.80 points against its previous session’s close at 17,274.30 points.
The Nifty had gained 386.95 points or 2.29 per cent on Tuesday.
There was strong buying support in metal, tech and auto stocks. Tata Steel surged 2.27 per cent to Rs 103.45. L&T jumped 2.10 per cent to Rs 1910.70.
IT stocks rallied. HCL Technologies jumped 2.01 per cent to Rs 964.70. Infosys climbed 1.76 per cent to Rs 1454.95. Wipro jumped 1.13 per cent to Rs 410.20.
ICICI Bank jumped 1.98 per cent to Rs 884.80. Axis Bank rose 1.65 per cent to Rs 755.20. State Bank of India rose 0.85 per cent to Rs 537.25. Bajaj Finserv rose 0.50 per cent to Rs 1710.05.
The index heavyweight Reliance Industries Limited closed 0.40 per cent higher at Rs 2422.65.
Twelve out of the 30 scrips that are part of the benchmark Sensex closed in the red. Bharti Airtel slipped 2.53 per cent to Rs 788.20. Hindustan Unilever dipped 2.08 per cent to Rs 2611.90. IndusInd Bank, HDFC, Bajaj Finance, HDFC Bank and Power Grid Corporation were among the major Sensex losers.
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