Sensex Rebounds 443 Points, Nifty Settles Above 15,550; Auto, Tech Stocks Surge

Indian equity benchmarks traded higher on Thursday after a bleak start, supported by gains in automobile, technology and pharma stocks.

Sensex Rebounds 443 Points, Nifty Settles Above 15,550; Auto, Tech Stocks Surge

Sensex and Nifty settled on a higher note today.

New Delhi:

Indian equity benchmarks traded higher on Thursday after a bleak start, supported by gains in automobile, technology and pharma stocks. A fall in crude oil prices boosted domestic sentiment today.

Brent crude futures dropped around 1.91 per cent to $109.61 per barrel as investors recalibrated assessments of recession risks and fuel demand.

"Commodity prices are lower, especially oil, and that is relatively good for India as it is largely an importer. This could positively impact domestic inflation," Narendra Solanki, Head of Research at Anand Rathi Investment Services, told news agency Reuters.

The 30-share BSE Sensex jumped 443 points or 0.86 per cent to close at 52,266 today, while the broader NSE Nifty moved 143 points or 0.93 per cent up to settle at 15,557.

Mid- and small-cap shares finished on a strong note as Nifty Midcap 100 rose 1.21 per cent lower and small-cap moved 1.31 per cent higher.

14 out of the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the green. Sub-indexes Nifty Auto, Nifty IT and Nifty Pharma outperformed the platform by rising as much as 4.39 per cent, 1.96 per cent and 1.58 per cent, respectively. Nifty Oil & Gas ended 0.43 per cent lower.

On the stock-specific front, Maruti was the top Nifty gainer as the stock soared 6.65 per cent to Rs 8,300.30. Hero MotoCorp, Eicher Motors, M&M and Bajaj Auto were also among the gainers.

The overall market breadth stood positive as 2,093 shares advanced while 1,211 declined on BSE.

"Short-term volatility continues to remain high. Broadly expect pressure to continue while limited stock specific risk definable opportunities are available. Select auto, banking and midcap energy stocks look attractive from risk perspective. Expect continues selling pressure pressure in metals space," said Sahaj Agrawal, Head of Research, Derivatives at Kotak Securities.

On the 30-share BSE index, Maruti, M&M, Asian Paints, Bharti Airtel, TCS, Sun Pharma, Wipro, Hindustan Unilever, ICICI Bank, L&T, Bajaj Finserv and Infosys were among the top gainers.

In contrast, Reliance Industries, NTPC, PowerGrid and UltraTech Cement finished in the red.

Also, shares of Life Insurance Corporation of India (LIC), the country's biggest insurer and largest domestic financial investor, slipped 0.55 per cent to close at Rs 664.90 after rising for three straight sessions.

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