The Indian stock markets closed higher on Thursday on the back of strong domestic and Asian market cues, with the 30-shares Sensex closing 305 points higher at 33,351.57 and Nifty closing at 10,235.95. The rise in the Sensex was marked by a strong rise in the shares of SBI, ICICI Bank, Adani Ports, Reliance Industries and M&M, which rose by more than 2% each, with the shares of SBI closing 4.16% higher. In the broader Nifty-50 index, shares of Adani Ports, and ICICI banks were among the top gainers. Further, shares of Tata Steel, Sun Pharma, GAIL, Yes Bank and Aurobindo Pharma closed in the red, all down by more than 1% each.
During the day, among sectoral indices, the Nifty PSU Bank index was trading around 1% higher in late afternoon trade lead by a rise in shares of State Bank of India, Bank of Baroda and Syndicate Bank. The day also belonged to telecom shares, after the Union Cabinet yesterday eased various spectrum norms in the space. Shares of telecom service providers rose by up to 5% on BSE in intra-day deals.
In the global markets, Asian shares seemed to have got some respite as fears about a global trade war seemed to subside a bit after the US hinted that there could be some exceptions to the Donald Trump’s protectionist measures. Notably, China’s Foreign Minister Wang Yi said that China will make a necessary and justified response, in retaliation to Donald Trump’s imminent trade war. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent, led by gains in South Korean shares, which also benefited from signs of easing tensions between the two Koreas. Japan’s Nikkei gained 1 per cent.
The domestic stock markets seemed to be upbeat on Thursday, right from opening, as the Sensex and Nifty opened in the green reversing a six-day losing streak. Stocks staged a strong comeback in early trade today, with the BSE Sensex rebounding by 274 points and the Nifty recapturing the 10,200-mark on fresh buying by domestic investors. The 30-share Sensex rose by 273.75 points, or 0.82 per cent, to 33,306.84 in early trade. Notably, the 30-share index had lost 1,412.66 points in the previous six sessions.