Benchmark indices, Sensex and Nifty, witnessed a strong recovery from intraday low to end the trading session higher despite the rupee hitting a record low and crude oil prices remaining elevated. While the BSE Sensex surged 789.74 points or 1.06 per cent to close at 75,398.72, the NSE Nifty climbed 277 points or 1.18 per cent to settle at 24,689.60. During the day, the 30-share Sensex surged 1,072.9 points or 1.43 per cent to 75,681.88, and Nifty 50 added 364.6 points to hit the high of 23,777.20. The strong action in the markets comes amid strong buying as investor confidence was bolstered in anticipation of potential government measures to mitigate INR weakness.
The decline in India VIX, along with improved market breadth, further supported the positive undertone in the market.
Biggest gainers, losers
From the Sensex constituents, Bharti Airtel, Eternal, HDFC Bank, Adani Ports and Sun Pharma were among the winners. On the other hand, Infosys, Tech Mahindra, HCL Tech, Tata Consultancy Services, and Hindustan Unilever were among the biggest laggards.
ALL Nifty Index, except Nifty IT, ended the session in green. The Nifty IT fell 1.99 points, with Persistent being the biggest loser, ending the session Rs 215 or 4.44 per cent lower at Rs 4,630 against the previous close of Rs 4,831.
"Sectorally, while pharma and healthcare advanced owing to sectoral rotation, metals gained on higher metal prices and improving demand expectations from China. Conversely, the IT stocks extended their decline," Vinod Nair, Head of Research, Geojit Investments Limited.
Rupee fell to record low
Meanwhile, the rupee weakened further and fell to a record low of 95.73 (provisional) against the US dollar on Thursday, amid a strong dollar and worries over inflation amid elevated energy prices. Brent crude, the global oil benchmark, was trading higher by 0.50 per cent at USD 106.16 per barrel in futures trade.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
