Vigor returned to the stock markets, Sensex rose by 335 points, Nifty also closed at 22,146.
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Mumbai On Thursday, the domestic stock market managed to recover from the previous session’s huge fall due to buying in shares of information technology (IT) and metal companies and the benchmark indices closed up by almost half a percent. BSE’s 30-share index Sensex rose 335.39 points or 0.46 percent to close at 73,097.28. At one point during trading, it jumped 602.41 points to reach 73,364.30 points.
The standard index Nifty of National Stock Exchange (NSE) also increased by 148.95 points or 0.68 percent to reach 22,146.65 points. With this, Nifty again achieved the level of 22,000 points. In this way, the domestic stock markets recovered some of the huge losses incurred in the last trading session. On Wednesday, Sensex fell 906.07 points or 1.23 percent to close at 72,761.89 points and Nifty fell 338 points or 1.51 percent to close at 21,997.70 points.
Among Sensex companies, HCL Technologies, Infosys, Wipro, Bharti Airtel, Larsen & Toubro, Mahindra & Mahindra, Tata Consultancy Services and Asian Paints were major gainers. On the other hand, shares of Axis Bank, IndusInd Bank, Bajaj Finance, JSW Steel, State Bank of India and Tata Steel declined. Vinod Nair, head of research at Geojit Financial Services, said, “The market was able to recover almost half of the decline in the previous session. This gained momentum as institutional buying continued.
With wholesale inflation falling to a four-month low in February, expectations of relief in the upcoming retail inflation data have increased. According to the data released on Thursday, wholesale inflation declined marginally to 0.2 percent in February, while In January it was 0.27 percent. Apart from this, due to strong domestic demand and business and consumer confidence, Fitch Ratings has increased India’s economic growth forecast for the next financial year to seven percent. Broader markets also saw significant improvement.
BSE Smallcap index registered a gain of 3.11 percent and Midcap index recorded a gain of 2.28 percent. Analysts say that the shares of small and medium companies are leaving behind the big companies. The reason for this is that shares of small and medium companies are being used as a bargaining strategy. Ajit Mishra, Senior Vice President (Technical Research), Religare Broking Limited, said, “The markets recovered from Wednesday’s fall and closed with a gain of half a percent.
The pressure on the market reduced due to the rise in broad indices.” At the level of sector-wise indices, there was a rise of 3.99 percent in the service segment, 3.81 percent in the telecommunication segment and 3.11 percent in the oil and gas segment. Only shares of the banking sector declined. According to stock market data, foreign institutional investors (FIIs) made a net sale of shares worth Rs 4,595.06 crore on Thursday.
In other markets of Asia, South Korea’s Kospi and Japan’s Nikkei closed higher while China’s Shanghai Composite and Hong Kong’s Hang Seng were in the loss. European markets were mostly trading with gains in afternoon trade. On Wednesday, American markets closed with mixed sentiments. Meanwhile, international oil benchmark Brent crude rose 0.76 per cent to US$84.67 per barrel.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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