Sensex increases by 427 Points, while Nifty settles at 16,100

For the second straight day, advances in metal, consumer durables, and bank stocks drove up Indian equity indices on Thursday.

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For the second straight day, advances in metal, consumer durables, and bank stocks drove up Indian equity indices on Thursday. On the strength of encouraging global cues, the domestic indices have mounted a significant recovery in two consecutive sessions.

As news of Boris Johnson’s potential departure as British Prime Minister spread, U.K. markets rose. In line with the strong trend in U.S. stock futures, European markets also rose sharply. Asian stocks rose as well, boosting investor confidence in domestic markets.

The fact that crude oil futures today managed to hover on either side of $100 per barrel was also very important in maintaining the upbeat national attitude. Tuesday’s drop of more than 9% in Brent helped to allay some anxieties about inflation.

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At home, the broad NSE Nifty rose 143 points or 0.89 percent to close at 16,133, while the 30-share BSE Sensex rose 427 points or 0.80% to conclude at 54,178.

Mid- and small-capitalization equities ended the day strongly, with the Nifty Midcap 100 up 1.35 percent and small-capitalization shares up 1.57%.