Stock market erases previous session losses led by buying across sectors

Stock market erased previous session losses to end higher on Thursday with Nifty finishing near 25,200. The market rally was led by buying across the sectors.

At close, the Sensex was up 398.44 points or 0.49% at 82,172.10, and the Nifty was up 135.65 points or 0.54% at 25,181.80. BSE Midcap index jumped 0.75%, while smallcap index ended flat.

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The cumulative market capitalisation of BSE-listed firms rose to over Rs 460 lakh crore from about Rs 458 lakh crore in the previous session.

Among the sectors, all major indices ended higher. Nifty Metal was up 2.17%, IT up by 1.12%, Healthcare up by 1.07%, and Pharma up by 1.05%. Nifty Bank and Financial Services indices rose 0.31% and 0.25%, respectively.

On Nifty, as many as 40 stocks ended higher. Tata Steel was up 2.48%, JSW Steel up by 2.34%, and SBI Life Insurance Company was up by 2.26% ending as the top gainers.

Those ending as top losers were Axis Bank down by 1.06%, Titan Company down by 0.61%, and Tata Consumer down by 0.46%.

Out of 4,350 stocks traded on the BSE, 2,009 advanced, while 2,191 declined. Some 150 stocks remained unchanged.

Around 155 stocks hit their 52-week highs, in contrast, 149 stocks touched 52-week lows.

Those on the highs included Aster DM Healthcare Ltd, Eternal Ltd, Fortis Healthcare Ltd, Hindustan Copper Ltd, JSW Steel Ltd, Muthoot Finance Ltd, Tata Steel Ltd, and Usha Martin Ltd.

Notable mentions on lows were Blue Dart Express Ltd, Clean Science and Technology Ltd, Crompton Greaves Consumer Electricals Ltd, Vedant Fashions Ltd, Signatureglobal (India) Ltd, and United Breweries Ltd.

Senco Gold shares fell down 4% despite Q2 revenue jumping 6.5%. Prestige Estates Projects shares added 4% as Q2 collections increased 54%.

IT giant TCS shares gained 1% ahead of Q2 earnings. Brokerages have estimated TCS’ operating margins to either remain flat at 24.5% or decline by around 20 bps sequentially.