Indices snap 4-day losing streak; Sensex rallies 428 points, Nifty settles above 16,450 marks

The S&P BSE Sensex surged 427.79 points (0.78 per cent) to end at 55,320.28 while the Nifty 50 rose 121.85 points (0.74 per cent) to settle at 16,478.10. Both the indices had opened around 0.5 per cent lower earlier in the day but recovered from their losses and turned positive towards the afternoon deals.

On the Sensex pack, Reliance Industries (RIL), Dr. Reddy’s Laboratories, Bharti Airtel, Tech Mahindra, Sun Pharmaceutical Industries, Kotak Mahindra Bank, Infosys, Wipro and ITC were the top gainers of the day while Tata Steel, NTPC, Ultratech Cement, Bajaj Finance, State Bank of India (SBI) and Asian Paints were the top losers.

Among sectors, Nifty Pharma rose 1.20 per cent, Nifty IT climbed 0.98 per cent, Nifty FMCG inched up 0.50 per cent and the Bank Nifty gained 0.40 per cent.

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In the broader market, the S&P BSE MidCap ended at 22.635.05, up 104.33 points (0.46 per cent) while the S&P BSE SmallCap settled at 26.039.27, up 61.27 points (0.24 per cent). On NSE, India VIX fell 3.51 per cent to 19.14.

“The market continued to be dominated by a volatile global market with investors weighing the impact of the upcoming global central bank meetings. However, the domestic market reversed its losses during the closing hours due to positive movements in the US futures. FIIs are cautious ahead of the Fed policy even though the market may have factored-in an interest rate hike of 50bps, due to risk of hawkish measures,” said Vinod Nair, Head of Research at Geojit Financial Services.

rupee

The rupee depreciated by 8 paise to close at 77.76 (provisional) against the US dollar on Thursday, weighed down by elevated crude oil prices and persistent foreign capital outflows.

At the interbank foreign exchange market, the rupee opened lower at 77.74 against the greenback and finally settled at 77.76, down 8 paise over its previous close. During the session, the rupee touched an all-time low of 77.81 against the American currency.

Global market

Global shares were mostly lower on Thursday as investors watched for fresh signs of inflation, including soaring crude oil prices.

European shares declined in early trading. France’s CAC 40 slipped 0.7 per cent in early trading to 6,404.59, while Germany’s DAX dropped 0.9 per cent to 14.309.79. Britain’s FTSE 100 fell 0.7 per cent to 7,543.28.

The future for the Dow industrials edged nearly 0.1 per cent lower to 32,862.00. The S and P 500 future fell nearly 0.1 per cent to 4,111.50.

Benchmarks declined across Asia, except in Tokyo, where a weakening yen sent issues of some Japanese exporters higher. Japan’s benchmark Nikkei 225 inched up less than 0.1 per cent to finish at 28,246.53. Australia’s S and P/ASX 200 slipped 1.4 per cent to 7,019.70. South Korea’s Kospi ended little changed, inching down less than 0.1 per cent to 2,625.44. Hong Kong’s Hang Seng shed 0.7 per cent to 21,869.05, while the Shanghai Composite lost 0.8 per cent to 3,238.95.

-rupee input from PTI, global market input from AP