Sensex Jumps Over 300 Points From Day's Low As Banking Stocks Rise
Domestic stock markets recovered all of the day's losses in late morning deals on Thursday amid gains in financial stocks. The S&P BSE Sensex climbed to as much as 39,189.95, rising 306.96 points - or 0.79 per cent - from the day's lowest mark. The National Stock Exchange (NSE)'s Nifty index moved to 11,789.30, up 41.15 points from the previous close, and 89.75 points higher from its intraday low. However, weakness in information technology shares offset the gains in banking, financial services and infrastructure counters.
At 11:44 am, the Sensex traded 98.82 points higher at 39,130.37 while the Nifty was at 11,763.35, up 15.20 points from the previous close.
Top gainers on the 50-scrip index at the time were Yes Bank, Bharti Infratel, Bharti Airtel, Power Grid, Larsen & Toubro and HDFC Bank, trading between 1.45 per cent and 5.36 per cent higher.
HDFC Bank, HDFC and Reliance Industries were the top contributors to the advances on Sensex.
At that time, the NSE's Nifty Auto index - comprising automobile stocks - had recovered most of the day's losses. The index had declined as much as 1.64 per cent in intraday trade.
Earlier on Thursday, the Sensex had declined to touch 38,882.99 at the day's weakest point, and the Nifty logged an intraday low of 11,699.55.
Maruti Suzuki India shares declined as much as 2.12 per cent on the National Stock Exchange, a day after the carmaker reported a 17.19 per cent decline in April sales. Maruti Suzuki India had last week lowered its sales growth forecast for the current financial year amid an industry-wide weakening of demand.
Equities in other Asian markets marked time with two major centres - Japan and China - shut for holidays. MSCI's broadest index of Asia-Pacific shares outside Japan was off 0.1 per cent, trading in a tight band. Trading in Japan will resume next Tuesday while China will be back in action on Monday.
The Federal Reserve kept key interest rates on hold overnight as the US central bank said it sees no strong case for moving in either direction.
(With inputs from Reuters)