Indian equity benchmarks rose for the second consecutive day on Thursday led by strong buying in technology and financial stocks.
Most stocks in Asia posted cautious gains as investors foreshadowed a possible slowdown in the pace of the US Federal Reserve’s interest rate hikes. The Fed raised rates by 75 basis points (bps), but its chairman Jerome Powell dropped guidance on the size of the next rate hike and said that “at some point,” it would be appropriate to slow down. However, US stock futures signaled a lower start for Wall Street.
Back home, the 30-share BSE Sensex closed 1,041 points or 1.87 per cent higher at 56,858 today, while the broader NSE Nifty closed 288 points or 1.73 per cent higher at 16,930.
Mid- and small-cap stocks ended on a strong note as Nifty Midcap 100 rose 0.84 per cent and small-cap 0.85 per cent.
All 15 sector gauges – compiled by the National Stock Exchange – settled in the green. Sub-indices Nifty IT and Financial Services outperformed the NSE platform, rising up to 2.81 per cent and 2.41 per cent, respectively.
On the stock-specific front, Bajaj Finance was the top Nifty leader as the stock rose 10.46 per cent to Rs 7,065.50 after the non-bank lender’s quarterly profit doubled to over Rs 2,596 crore ($325.37 million). Bajaj Finserv, Tata Steel, Kotak Mahindra Bank and SBI Life were also gainers.
Overall market breadth was positive as 1,910 stocks advanced while 1,429 declined on BSE.
On the 30-share BSE index, Bajaj Finance, Bajaj Finserv, Tata Steel, Kotak Bank, IndusInd Bank, Tech Mahindra, Infosys, Asian Paints, Nestle India, Wipro, TCS and HCL Technologies were the top gainers with their stocks. up to 10.68 percent.
Besides this, shares of Life Insurance Corporation of India (LIC), the country’s largest insurer and largest domestic financial investor, closed 0.12 per cent higher at Rs 675.30.
In contrast, Bharti Airtel, UltraTech Cement, Dr Reddy’s, ITC and Sun Pharma were in the red.
Moreover, shares of budget airline SpiceJet ended 3.52 per cent lower at Rs 36.95 after aviation regulator DGCA ordered the carrier to reduce its approved fleet by 50 per cent for eight weeks this summer, with several safety measures in place. The snag was cited. During the day, the stock fell 9.66 per cent to its 52-week low of Rs 34.60.