Sensex, Nifty Rise As IT, Realty, Banking Stocks Lead Broad-based Rally
Indian benchmark indices extended their recovery for a second consecutive session on Thursday, with the Sensex and Nifty gaining more than 1 per cent each, supported by broad-based buying across sectors and positive global cues.After opening on a firm note, the benchmarks strengthened through the session, with the Nifty 50 touching an intraday high of 24,228.45. Gains were led by information technology stocks following Tata Consultancy Services’ (TCS) June quarter earnings, while buying in realty, metal and banking shares further lifted market sentiment.
At the close, the BSE Sensex advanced 827.57 points, or 1.08 per cent, to settle at 77,569.39, while the NSE Nifty 50 rose 244.10 points, or 1.02 per cent, to end at 24,206.90.
Despite the day’s rally, both benchmark indices ended the week around 0.2 per cent lower.
Broader markets outperformed the headline indices, with the Nifty Midcap 100 gaining 1.4 per cent and the Nifty Smallcap 100 rising 1.5 per cent.
Among the Nifty 50 constituents, Jio Financial Services, HDFC Life Insurance, Adani Enterprises, SBI Life Insurance and Reliance Industries were the top gainers. Dr Reddy’s Laboratories, Eternal, Bharti Airtel, Nestlé India and Sun Pharmaceutical Industries were among the biggest laggards.
Sectoral performance remained firmly positive, with all major indices ending in the green. The Nifty Realty index emerged as the top performer, surging 3.5 per cent, followed by the Nifty PSU Bank index, which gained 3 per cent. The Nifty IT index rose 2 per cent, supported by gains in TCS after its quarterly earnings.
The Nifty Metal index advanced 1.5 per cent, while the Nifty Bank index climbed 1.4 per cent. Oil & Gas, Private Bank, Energy, Infrastructure and Consumer Durables indices gained between 1 per cent and 1.3 per cent, while the Auto index added 0.72 per cent.
More than 100 stocks touched their 52-week highs on the BSE, including Capri Global Capital, Jammu & Kashmir Bank, Aether Industries, Anand Rathi Wealth, Oracle Financial Services Software, Nuvama Wealth Management, Sona BLW Precision Forgings, Welspun Corp, Grasim Industries, Star Health, Nykaa, Delhivery and Jindal Saw.
The Indian rupee pared some of its intraday gains but ended marginally stronger at 95.32 against the US dollar, compared with the previous close of 95.38.
Among individual stocks, Ion Exchange surged 17 per cent after securing an international contract worth Rs 503 crore. Wheels India gained 4 per cent after its board approved a Rs 400 crore fund-raising proposal.
Waterways Leisure Tourism slipped 1.7 per cent after announcing a 1:10 stock split. Pace Digitek rose 1.6 per cent after its subsidiary, Lineage Power, signed two strategic memoranda of understanding (MoUs) with Onward Solar Power and Kalpa Power for the supply of battery energy storage systems (BESS).
Vikram Solar advanced 5 per cent after entering into a solar cell supply agreement with Evervolt Solar Technology India. TCS ended about 1 per cent higher after reporting a 4.6 per cent year-on-year increase in June quarter net profit to Rs 13,349 crore, while revenue rose 13.9 per cent to Rs 72,275 crore.
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