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Sensex jumps 676 pts, Nifty closes above 22,400 on global stocks rally

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NewsDrum Desk
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Mumbai, May 16 (PTI) Equity benchmark indices Sensex and Nifty shot up nearly 1 per cent on Thursday, driven by buying in HDFC Bank and Infosys and a rally in the US and Asian markets.

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In a highly volatile trade, the 30-share BSE Sensex climbed 676.69 points or 0.93 per cent to settle at 73,663.72. During the day, it hit a high of 73,749.47 and a low of 72,529.97.

The NSE Nifty surged 203.30 points or 0.92 per cent to 22,403.85.

"The domestic market experienced a late surge, driven by strong global trends that pointed to lower-than-expected US consumer inflation figures, which suggests at least two interest rate cuts in 2024," Geojit Financial Services Head of Research Vinod Nair said.

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Among the Sensex components, Mahindra & Mahindra, Bharti Airtel, Tech Mahindra, Titan, Infosys, JSW Steel, Bajaj Finserv, HDFC Bank, Larsen & Toubro and Kotak Mahindra Bank were the major gainers.

Maruti, State Bank of India, Power Grid, Tata Motors and IndusInd Bank were the laggard.

"The market exhibited volatility during trading hours but managed to gain nearly one per cent, indicating a continuation of its recovery trend. Positive global cues led to a gap-up opening in the Nifty; however, the initial gains diminished quickly as the session progressed. Subsequently, it witnessed sharp fluctuations on both sides before settling near the day's peak," said Ajit Mishra – SVP, Research, Religare Broking Ltd.

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In the broader market, the BSE midcap gauge climbed 1.07 per cent and smallcap index rallied 0.85 per cent.

Among the indices, capital goods jumped 2.05 per cent, followed by industrials (1.99 per cent), teck (1.66 per cent), realty (1.59 per cent), IT (1.55 per cent), telecommunication (0.99 per cent) and healthcare (0.70 per cent).

Utilities index emerged as the only laggard.

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In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled with gains. European markets were trading lower. Wall Street ended higher on Wednesday.

Global oil benchmark Brent crude declined 0.33 per cent to USD 82.45 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,832.83 crore on Wednesday, according to exchange data.

Halting its three-day rally, the 30-share BSE Sensex declined 117.58 points or 0.16 per cent to settle at 72,987.03 on Wednesday. The NSE Nifty dipped 17.30 points or 0.08 per cent to 22,200.55. PTI SUM MR

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