Indian stock markets opened higher on Thursday with Sensex rising over 200 points and Nifty breaching the 10,600-mark following the positive global cues after major US indices extended gains in yesterday's trades. Shares of Punjab National Bank declined further on Friday after a two-day slide due to Rs 11,400 crore fraud.
Indian stock markets opened higher on Thursday with Sensex rising over 200 points and Nifty breaching the 10,600-mark following the positive global cues after major US indices extended gains in yesterday’s trades. The S&P BSE Sensex rose as much as 210.77 points to hit the day’s high of 34,508.24 while NSE Nifty inched up 67.4 points to mark the day’s peak at 10,612.9. Shares of Punjab National Bank continued to decline even today also after the second largest state-run lender detected a fraud of about $1.77 billion or Rs 11,400 crore. A sustained rise in the shares of ICICI Bank, TCS, Infosys steered the headline indices in the positive territory.
Shares of ICICI Bank, Infosys, Yes Bank, Wipro, TCS and Dr Reddy’s emerged as the major gainers among the Sensex components advancing up to 2% while the shares of HUL, Power Grid, Sun Pharma, and HDFC shed up to 0.6%. The heavyweight shares of Infosys, ICICI Bank, RIL, TCS, HDFC Bank, ITC, and L&T contributed the most to the Sensex gains. Collectively these seven stocks added about 144 points to the index. Shares of Punjab National Bank declined further on Friday after a two-day slide due to the fraud. The stock of PNB shed 3.77% to hit a fresh 52-week low of Rs 123.5 on BSE.
Apart from benchmark Nifty 50 index, almost all the sectoral indices traded in green except Nifty PSU Bank index. Nifty Bank, Nifty Fin Service, Nifty Metal, Nifty FMCG, Nifty IT, Nifty Pvt Bank, Nifty Pharma, Nifty Realty rose up to 0.9%. Among the broader indices of NSE, Nifty Next 50, Nifty Midcap 50, Nifty Mid100 Free and Nifty Sml100 Free, Nifty 100, Nifty 200 and Nifty 500 surged up to 0.5%. In the opening counters, BSE Sensex rose 113.77points to begin at 34,411.24 whereas NSE Nifty added 50.7 points to start the day at 10,596.2.
Wall Street surged on Thursday to notch its fifth straight session of gains, led by Apple and other technology stocks as investors shrugged off recent inflation worries that sent the market into a sell-off at the start of the month, Reuters said in a report. The Dow Jones Industrial Average rose 306.88 points, or 1.23 percent, to 25,200.37, the S&P 500 gained 32.57 points, or 1.21 percent, to 2,731.2 and the Nasdaq Composite added 112.82 points, or 1.58 percent, to 7,256.43