Stock market bounces back; banks, metals shine
Sensex was up 599.34 points, or 0.83 per cent at 73,088.33, while the Nifty was up 151.20 points or 0.69 per cent at 22,147.
Key Indian equity indices traded at fresh highs during the mid-afternoon session on Thursday, with both the BSE Sensex and Nifty50 scaling record intra-day highs as well.
Market observers said investors’ sentiments were uplifted by positive global cues, along with inflow of foreign funds and upbeat quarterly corporate earnings.
The wider Nifty50 of the National Stock Exchange traded firmly above the vaunted 10,800-mark. Around 1 p.m., the index surged by 87.75 points or 0.81 per cent to trade at a fresh level of 10,876.30 points.
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The Nifty50 has so far scaled a record level of 10,887.50 points during intra-day trade.
On the BSE, the barometer 30-scrip Sensitive Index (Sensex), which opened at 35,366.45 points, traded at a new high of 35,482.15 points — up 400.33 points or 1.14 per cent — from its previous session’s close.
The Sensex has touched a fresh intra-day high of 35,507.36 points so far.
However, the BSE market breadth was bearish as 1,596 stocks declined as compared to 1,171 advances.
“Indian shares opened higher on Thursday — a fresh record opening for both benchmark indices — due to overseas funds inflow following favorable fiscal third quarter corporate earnings amid positive global cues,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“The benchmark indices rallied after reports indicate that the government allowed 100% foreign direct investment in the banking sector,” he added.
Healthy buying was observed in banking, auto and FMCG stocks.
On Wednesday, the benchmark indices rose to new highs riding on optimism around quarterly corporate earnings, along with an upward rally in banking stocks and healthy inflow of foreign funds.
The Sensex closed above the 35,000-mark at a high of 35,081.82 points after touching an intra-day high of 35,118.61 points.
The Nifty50, which scaled a high of 10,803 points intra-day, rose 88.10 points or 0.82 per cent, to close at 10,788.55 points.
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