Indian equity benchmarks closed in late afternoon deals on Thursday, led by strong buying interest in technology and financial stocks. Domestic indices started on a higher note today and extended their gains for the second straight session tracking Asian peers. The Nifty futures trend on the Singapore Exchange (SGX Nifty) indicated an intraday opening for the domestic indices.
Shares in Asia posted cautious gains as investors feared 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.
Back home, the 30-share BSE Sensex jumped 1,006 points or 1.80 per cent to 56,822 in afternoon trade, while the broader NSE Nifty was trading 274 points or 1.65 per cent higher at 16,916.
Mid- and small-cap stocks were positive as Nifty Midcap 100 rose 0.84 per cent and small-cap 0.75 per cent.
Of the 15 sector gauges compiled by the National Stock Exchange, 13 were trading in the green. The sub-indices Nifty IT, Nifty Financial Services and Nifty Bank were the outperformers on the NSE platform, rising 2.54 per cent, 2.05 per cent and 1.42 per cent, respectively.
On the stock-specific front, Bajaj Finance was the top gainer in the Nifty as the stock rose 9.45 per cent to Rs 7,000.75. Bajaj Finserv, Tata Steel, Nestle India and IndusInd Bank were also gainers.
Overall, the market range was strong as 1,964 shares were leading while 1,209 shares were falling on the BSE.
Bajaj Finserv, Bajaj Finance, IndusInd Bank, Tata Steel, Nestle India, Infosys, Kotak Mahindra Bank, Wipro, Asian Paints, TCS and HCL Technologies were the top gainers in the 30-share BSE index.
Also, shares of Life Insurance Corporation of India (LIC), the country’s largest insurance company and the largest domestic financial investor, were trading 0.38 per cent higher at Rs 677.05.
Conversely, Dr Reddy’s, Sun Pharma, Bharti Airtel and L&T were trading in the red.
Also, shares of budget airline SpiceJet fell up to 5.22 per cent after aviation regulator DGCA ordered the carrier to reduce its approved fleet by 50 per cent for eight weeks this summer, citing several safety snags. went. The stock fell 9.66 per cent to a 52-week low of Rs 34.60 during intraday trade.
On Wednesday, the Sensex closed 548 points or 0.99 per cent higher at 55,816, while the Nifty was up 158 points or 0.96 per cent at 16,642.