The rise in the stocks of blue-chip companies such as Infosys, State Bank of India, Infosys, Reliance Industries and TCS fuelled the key indices to rally on Thursday.
Sensex extended gains in the afternoon trade on Thursday tracking the upmove in Asian markets which led to the value-buying in the heavyweight shares. The benchmark Sensex jumped 318.66 points to hit the day’s high of 33,079.1 while the broader Nifty 50 index added 93.6 points to top 10,211.65. The rise in the stocks of blue-chip companies such as Infosys, State Bank of India, Infosys, Reliance Industries and TCS fuelled the key indices to rally. All the stocks in PSU Bank index of NSE were trading higher. As most of the major companies have already reported their second-quarter performance for the financial year 2018, investors attention is likely to shift towards the upcoming macroeconomic indicators such as GDP growth rate, and the outcome of RBI’s bi-monthly policy.
Shares of India’s second-largest IT company Infosys advanced 4% to Rs 990; while RIL, SBI, TCS, Tata Motors and NTPC gained up to 2% while Adani Ports and Coal India lost up to 2% and continue to trade in red. BSE Sensex gained 69.38 points to open at 32,829.82 points while NSE Nifty added 34.85 points to start at 10,152.9. The Indian rupee which fell nearly 18 paise to 65.39 recovered most of the losses but was still trading 3 paise lower at 65.24 against US dollar.
Meanwhile, among the regional markets, Japan’s Nikkei 225 jumped 1.5% to 22,351.12, snapping a six-session losing streak. South Korea’s Kospi advanced 0.6% to 2,533.58. Hong Kong’s Hang Seng index gained 0.8% to 29,079.83. Australia’s S&P/ASX 200 added 0.2% to 5,943.50, while China’s Shanghai Composite Index slipped 0.1% to 3,399.25, Associated Press reported.
US stocks ended lower on Wednesday following a slump in energy sector shares which fell for a fourth straight session, tracking crude prices, while a late run-up was thwarted by concerns over the passage of a tax revamp after Republican senators were critical of the proposal, Reuters reported. The S&P 500 ended down 0.55% at 2,564.62. The Dow Jones Industrial Average fell 138.19 points or 0.59% to close at 23,271.28 and the Nasdaq Composite dropped 31.66 points or 0.47% to 6,706.21.