India’s stock market ended higher on Thursday in a volatile trade after rising continuously in the afternoon session. The late upsurge in the blue-chip shares such as Tata Steel, L&T, ONGC, Dr Reddy’s, Asian Paints, Sun Pharma, Coal India, Bajaj Finance, Hindustan Petroleum Corporation, Vedanta, and State Bank of India led the benchmark indices higher. Shares of almost all PSU banks rallied up to 10% in the afternoon trade on Thursday as Narendra Modi government sought another Rs 80,000 crore bonds for the recapitalisation of NPA-laden state-run lenders. BSE Sensex gained 176.26 or 0.52% to finish at 33,969.64 whereas NSE Nifty added 61.6 points or 0.59% to conclude at 10,504.8, index settled above the psychological mark of 10,500 for first time in new year 2018.
Shares of Tata Steel rose 3.88% to a 52-week high of Rs 763.45; L&T shares too hit a 52-week high, rising by 3.55% to Rs 1,320 before closing up 2.98% at Rs 1,313.3 on NSE. Other notable gainers were ONGC, Dr Reddy’s, Asian Paints, Sun Pharma, Coal India, Bajaj Finance, Hindustan Petroleum Corporation, Vedanta, State Bank of India and Cipla gained up to 3.05% while Tata Motors, HCL Tech, Infosys, Eicher Motors, BPCL, Power Grid, Hero MotoCorp lost up to 1%. The heavyweight stocks such as State Bank of India, Bank of Baroda, Punjab National Bank, and Bank of India gained up to 5% in quick successions.
The Nifty PSU Bank index surged as much as 3% to the day’s high of 3,732.4 after opening little higher at 3,643.6 on Thursday. The shares of mid-sized state-run banks such as UCO Bank, Dena Bank, and IDBI Bank jumped heavily, rising by up to 10%. The Narendra Modi government on Thursday sought parliamentary nod for additional Rs 80,000 crore bonds for the recapitalisation of public sector banks (PSBs) which are sitting on a pile of Rs 9.8 lakh crore bad loans.
The other broad market indices of NSE such as Nifty Next 50, Nifty 100, Nifty 200, Nifty 500, Nifty Midcap 50, Nifty Mid100 Free and Nifty Sml100 Free advanced in a range of 0.6% to 1.2%. On the other hand, eight out of eleven sectoral indices of NSE settled in green with Nifty Metal, Nifty Pharma and Nifty PSU Bank leading the charge while Nifty Auto and Nifty IT closed with marginal losses. During the day, BSE Sensex jumped 202.02 points to the day’s high of 33,995.4 and NSE Nifty added 69.8 points to mark the day’s high of 10,513.
India’s stock market opened up on Thursday with Sensex and Nifty starting a little higher following the record closing on Wall Street overnight. BSE Sensex gained 119.11 points or 0.35% to begin at 33,912.49 and NSE Nifty added 26.2 points or 0.25% to open at 10,469.4. Indian stock markets gained in the early trades as most of the Asian markets inched up on the back of solid economic data from the United States and Germany.
Shares of Birla group telecom company Idea Cellular surged 3% after the board of directors approved the plan to raise Rs 3,250 crore by selling shares on a preferential basis. The board of directors of Idea Cellular approved an issuance of 32.66 crore equity shares of face value Rs 10 at a price of Rs 99.5 on a preferential basis to the promoter group entities Birla TMT Holdings Pvt Ltd, Elaine Investments Pte Ltd, Oriana Investments Pte Ltd, Surya Kiran Investments Pte Ltd. The total money mobilised through the preferential allotment would be Rs 3,250 crore. Following the development, the stock Idea Cellular rose as much as 2.97% to the day’s high of Rs 105.6 before ending up 1.9% at Rs 104.5 on BSE.