Positive global cues cause the Sensex to soar over 500 points, as the Nifty trades beyond 16,750
Thursday’s opening trades saw Indian equities indices trading higher as they followed the lead of their Asian counterparts.
Thursday’s opening deals saw better trading for Indian equity indexes as they followed the lead of their Asian counterparts. A gap-up start for the local indices was predicted by trends on the Nifty Futures on the Singapore Exchange (SGX Nifty).
A probable pause in the rate of interest rate increases by the U.S. Federal Reserve led to cautious advances in Asian stocks.
Rates were increased by 75 basis points (bps), but Fed head Jerome Powell gave no indication of the magnitude of the next rate increase and said that “at some point” it might be reasonable to slow down.
In domestic trading, the 30-share BSE Sensex increased by 525 points, or 0.94 percent, to 56,342 in the early going, while the larger NSE Nifty increased by 140 points, or 0.84 percent, to trade at 16,782.
The Nifty Midcap 100 increased 0.37 percent, while the small-cap index increased 0.55 percent, which was good news for mid- and small-cap shares.
The National Stock Exchange’s 15 sector gauges, which were comprised, were trading in the green on nine of the fifteen instances. By gaining by as much as 1.03 percent, 1.26 percent, and 1.37 percent, respectively, the sub-indices Nifty Bank, Nifty Financial Services, and Nifty IT outperformed the NSE platform.
In terms of individual stocks, Bajaj Finance was the biggest Nifty gainer after the stock surged 5.43% to Rs 6,743.45. Tata Steel, Infosys, Bajaj Finserv, and IndusInd Bank were also among the winners.
1,684 equities on the BSE were rising while 732 were falling, indicating a healthy market breadth overall.
One of the top gainers on the 30-share BSE index was Bajaj Finserv, which was followed by Bajaj Finance, IndusInd Bank, Tata Steel, Infosys, Kotak Mahindra Bank, Wipro, Tech Mahindra, Axis Bank, the HDFC twins (HDFC and HDFC Bank), HCL Technologies, TCS, and SBI.
The largest domestic financial investor and insurer in the nation, Life Insurance Corporation of India (LIC), saw a 0.56 percent increase in share price to trade at 678.25.
The shares of Dr. Reddy’s, Sun Pharma, Bharti Airtel, ITC, Nestle India, UltraTech Cement, and NTPC were trading in the red, on the other hand.
In addition, shares of low-cost airline SpiceJet dropped as much as 9.3% after the aviation watchdog DGCA ordered the company to reduce its allowed fleet this summer for eight weeks to 50% due to many safety issues.
On Wednesday, the Nifty gained 158 points or 0.96 percent higher to end the day at 16,642, while the Sensex rose 548 points or 0.99 percent to close at 55,816.