Bombay Stock Exchange (BSE) in Mumbai. File photo | photo credit: Reuters
Equity benchmark indices ended nearly 1% higher on Thursday amid foreign fund inflows and buying in index majors HDFC twins and Reliance Industries.
The 30-share BSE Sensex climbed 555.95 points, or 0.91%, to close at 61,749.25. During the day, it gained 604.61 points, or 0.98%, to 61,797.91.
The broader NSE Nifty ended 165.95 points or 0.92% higher at 18,255.80.
Among Sensex firms, Bajaj Finance, HDFC, HDFC Bank, Bajaj Finserv, Asian Paint, State Bank of India, Tata Consultancy Services, Bharti Airtel, Reliance Industries and Tata Steel were among the top gainers.
HDFC climbed 2.59% on Thursday after the housing finance major reported a 20% rise in standalone net profit to Rs 4,425 crore for the quarter ended March 2023 on the back of higher interest income.
IndusInd Bank, Nestle, Power Grid, ITC, Tata Motors and Mahindra & Mahindra were the major laggards.
Foreign institutional investors (FIIs) were net buyers on Wednesday as they bought equities worth Rs 1,338 crore, according to exchange data.
In the Asian markets, Shanghai and Hong Kong closed in the green while Seoul closed with a decline.
Europe’s stock markets were trading with a decline. US markets closed in the negative zone on Wednesday.
The US Federal Reserve on Wednesday strengthened its fight against high inflation by raising its key interest rate by a quarter percentage point to a 16-year high.
But the Fed also signaled it may now pause its streak of 10 rate hikes, which has made borrowing steadily more expensive for consumers and businesses.
“After a widely expected rate hike by the Fed and sustained overseas support, domestic equities resumed their uptrend, driven by gains in key sectors. However, the US market suffered losses as the Fed reiterated concerns over high inflation despite softening its language on future rate hikes. Vinod Nair, head of research at Geojit Financial Services, said signs of a return to transition in regional US banks also weighed on the global market sentiment.
On Wednesday, the BSE benchmark had closed 161.41 points or 0.26% down at 61,193.30. The Nifty closed 57.80 points or 0.32% down at 18,089.85.
Meanwhile, global oil benchmark Brent crude rose 1.18% to $73.15 per barrel.