Sensex gains more than 900 points, Nifty trades close to 16,900

In the afternoon trades on Thursday, Indian equities benchmarks rose, propelled by fervent investor interest in the sectors of technology and finance.

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In the afternoon trades on Thursday, Indian equities benchmarks rose, propelled by fervent investor interest in the sectors of technology and finance. Following Asian peers, domestic indices opened the day on a stronger note and continued to grow for the second straight session. The local indices started with a gap-up according to trends on the Nifty Futures on the Singapore Exchange (SGX Nifty).

As investors sensed a potential pause in the rate at which the U.S. Federal Reserve may increase interest rates, stocks in Asia made tentative advances.

The Federal Reserve (Fed) increased interest rates by 75 basis points (bps), but Jerome Powell, the Fed’s head, gave no indication of the magnitude of the next rate increase and said that “at some point,” it would be fair to slow down.

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At home, in the afternoon’s trading, the 30-share BSE Sensex increased by 910 points, or 1.63%, to close at 56,727, while the larger NSE Nifty gained 251 points, or 1.61%, to close at 16,892.

The Nifty Midcap 100 increased 0.83 percent, and small-cap shares increased 0.73 percent, which was good news for mid- and small-cap equities.

The National Stock Exchange’s 15 sector gauges, 13 of which were trading in the green. The NSE platform was outperformed by the sub-indices Nifty IT, Nifty Financial Services, and Nifty Bank, which increased by as much as 2.54%, 2.05%, and 1.424%, respectively.

With its shares rising 9.45% to 7,000.75, Bajaj Finance was the top Nifty gainer on a stock-by-stock basis. IndusInd Bank, Tata Steel, Bajaj Finserv, and Nestle India were also among the winners.

1,964 shares on the BSE were advancing while 1,209 were declining, indicating a healthy market breadth overall.

On the 30-share BSE index, the biggest gainers included Wipro, Asian Paints, TCS, HCL Technologies, Tata Steel, IndusInd Bank, Infosys, Kotak Mahindra Bank, Bajaj Finserv, and Bajaj Finance.

Additionally, shares of Life Insurance Corporation of India (LIC), the largest domestic financial investor and insurer in the nation, increased 0.38 percent to trade at INR 677.05.

Dr. Reddy’s, Sun Pharma, Bharti Airtel, and L&T, on the other hand, were all trading in the red.

Additionally, after the aviation watchdog DGCA ordered low-cost airline SpiceJet to reduce its allowed fleet to 50% this summer for eight weeks due to several safety issues, shares of the company plunged as high as 5.22 percent. In intraday trading, the stock plunged 9.66% to reach a 52-week low of 34.60.

On Wednesday, the Sensex gained 548 points or 0.99 percent to end the day at 55,816 while the Nifty gained 158 points or 0.96 percent to end the day at 16,642.