Sensex Surges 427 Points, Nifty Reclaims 16,100; Hindalco, Titan Among Top Gainers

Indian equity benchmarks on Thursday extended their winning momentum for the second straight day, led by gains in metal, consumer durables and bank stocks.

Sensex Surges 427 Points, Nifty Reclaims 16,100; Hindalco, Titan Among Top Gainers

Sensex and Nifty settled on a higher note today.

New Delhi:

Indian equity benchmarks on Thursday extended their winning momentum for the second straight day, led by gains in metal, consumer durables and bank stocks. The domestic indices have staged a strong rebound in two back-to-back sessions on positive global cues.

U.K. stocks climbed amid reports that Boris Johnson may announce his resignation as British Prime Minister. European stocks also surged, tracking a firm trend in U.S. stock futures. Stocks in Asia were also up, bolstering investors' sentiment in the domestic markets.

Crude oil futures staying on either side of $100 a barrel today also played a crucial role in keeping the domestic mood positive. Brent had plunged more than 9 per cent on Tuesday, soothing some inflation-related concerns.

Back home, the 30-share BSE Sensex jumped 427 points or 0.80 per cent to close at 54,178 today, while the broader NSE Nifty moved 143 points or 0.89 per cent higher to settle at 16,133.

Mid- and small-cap shares finished on a strong note as Nifty Midcap 100 rose 1.35 per cent and small-cap gained 1.57 per cent.

14 out of the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the green. Sub-indexes Nifty Metal, Nifty Consumer Durables and Nifty Bank outperformed the NSE platform by rising as much as 3.79 per cent, 2.64 per cent and 1.74 per cent.

However, Nifty FMCG showed some weakness by falling as much as 0.08 per cent.

On the stock-specific front, Hindalco was the top Nifty gainer as the stock soared 6.88 per cent to Rs 364.40. Titan, Tata Steel, JSW Steel and Tata Motors were also among the gainers.

The overall market breadth stood positive as 2,275 shares advanced while 1,015 declined on BSE.

On the 30-share BSE index, Titan, Tata Steel, L&T, IndusInd Bank, M&M, ICICI Bank, Kotak Mahindra Bank, HDFC Bank, SBI, NTPC, Sun Pharma and Wipro were among the top gainers with their shares up as much as 5.69 per cent.

In contrast, Dr Reddy's, Nestle India, Reliance Industries, Bajaj Finance, Bharti Airtel, Hindustan Unilever, Bajaj Finserv, Maruti and UltraTech Cement finished in the red.

Further, shares of Life Insurance Corporation of India (LIC), the country's biggest insurer and largest domestic financial investor, slipped 0.70 per cent to end at Rs 698.15.

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