The stock market rose for the second consecutive session, even amid global peers eased on hints from the US Federal Reserve officials that interest rates could stay higher for longer.

Sensex opened higher at 73,711.31, and closed 253.31 points, or 0.34%, at 73,917.03. Nifty 50 opened higher at 22,415.25, and closed up 62.25 points, or 0.28%, at 22,466.10.

Among the sectors, Consumer Durables, Auto, Metal, Realty, and Oil & Gas indices were the biggest sectoral gainers for the day, while IT, Pharma, and Healthcare, were the biggest drags.

Nifty Consumer Durables led with a 2.8% increase, followed by Nifty Realty, Metal, and Auto, each up by 1.7%. However, the Nifty IT index was the top loser, dropping 0.9%.

On Sensex, TCS, HCLTech, Hindustan Unilever, Nestle India, and Wirpo, were the top drags.

The top gainers were Mahindra & Mahindra, UltraTech Cement, JSW Steel, Kotak Mahindra Bank, and Maruti Suzuki India.

On the Nifty 50, Cipla, TCS, SBI Life, HCLTech, and Britannia Industries were the top drags, while Mahindra & Mahindra, Grasim Industries, UltraTech Cement, JSW Steel, and BPCL were the top gainers.

The broader market indices had outperformed the benchmark indices, with the BSE SmallCap gaining 1.40% and the BSE MidCap index gaining 1.22%.

Some of the noteworthy shares were the GSK Pharmaceuticals which closed 12% higher after the company reported a 46% YoY surge in Q4 net profit. The company also announced a dividend of Rs 32 per share.

Further, Mahindra & Mahindra spiked over 6% after company posted 32% YoY increase in Q4 net profit. Company’s revenue from operations rose by 11.24% to Rs 25,108.97 crore.

Shares of Kaynes Technology, and Crompton Greaves both closed more than 10% higher amid impressive Q4 results.

The global stocks eased after Federal Reserve officials hinted US interest rates may not fall any time soon.

Commodities rallied on the back of optimism over a series of measures in China to stabilise its beleaguered property sector.

Oil and gold have benefited from the evidence that price pressures have not worsened, while copper is set for its best weekly performance in two months as a shortage of material for immediate delivery has sent prices soaring.

Further, the MSCI All-World index was last down 0.1%, but still near this week’s record highs.

In Europe, the STOXX 600, which also hit a record peak this week, was down 0.4%.

In the Asian market, Chinese blue-chips staged a late rally after the government unveiled a series of steps to underpin the property sector.

Shanghai’s CSI 300 ended up 1%, while Hong Kong’s Hang Seng Index hit its highest since August 2022, up 0.9%.

The Indian stock market will remain closed on Monday, May 20, due to polling in Mumbai for the ongoing 2024 Lok Sabha elections.