Sensex Extends Gains For Fifth Day, Rises 284 Points, Nifty Reclaims 16,600

Indian equity indices on Thursday shrugged off early losses and extended their winning run for the fifth straight session. Global stock markets turned positive after the resumption of Russian gas supplies to Europe. Stocks in Asia were mixed as Japan's Nikkei index surged as its central bank (Bank of Japan) left monetary policy unchanged. Although, China's benchmark Shanghai Composite Index and Hong Kong's Hang Seng declined. U.S. stock futures were weak too.

Domestic indices regained strength in late deals led by gains in bank, technology and consumer stocks. Also, the Centre's move to slash windfall taxes on crude and fuel exports continued to push most energy stocks higher, despite a fall in index heavyweight Reliance Industries shares today.

The 30-share BSE Sensex rose 284 points or 0.51 per cent to close at 55,682 today, while the broader NSE Nifty moved 84 points or 0.51 per cent higher to settle at 16,605.

Mid- and small-cap shares finished on a strong note as Nifty Midcap 100 jumped 1.38 per cent and small-cap climbed 0.77 per cent.

13 out of the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the green. Sub-indexes Nifty Bank, Nifty FMCG, Nifty IT and Nifty Oil & Gas outperformed the NSE platform by rising as much as 0.64 per cent, 0.79 per cent, ).70 per cent and 0.98 per cent, respectively.

However, Nifty Pharma and Nifty Healthcare fell as much as 0.47 per cent and O.18 per cent, each.

On the stock-specific front, IndusInd Bank was the top Nifty gainer as the stock soared 8.10 per cent to Rs 950.50 after reporting a 60.5 per cent jump in net profit for the quarter ended June. Bajaj Finance, Tata Consumer Products, UPL and L&T were also among the gainers.

The overall market breadth stood positive as 2,007 shares advanced while 1,332 declined on BSE.

On the 30-share BSE index, IndusInd Bank, Bajaj Finance, Bajaj Finserv, Asian Paints, Tech Mahindra, L&T, Axis Bank, PowerGrid, Nestle India, Bharti Airtel, Infosys and M&M were among the top gainers with their shares up as much as 7.88 per cent.

In contrast, Dr Reddy's, Kotak Mahindra Bank, Reliance and HDFC Bank finished in the red.

Further, shares of Life Insurance Corporation of India (LIC), the country's biggest insurer and largest domestic financial investor, edged 0.04 per cent lower to end at Rs 687.55.