S&P BSE Sensex and Nifty 50 gained more than 1% each on Thursday to conclude the trading in green for the fourth consecutive time this week.
Positive trends in the global market coupled with net buying of stocks by foreign institutional investors pushed the market upwards on Thursday.
Sensex
The benchmark index of the Bombay stock exchange, S&P BSE Sensex increased 629.91 points (1.15%) to close the market at 55397.53. Sensex on Thursday opened at 55486.12 and had a high level of 55630.26.
Top gainers in the index were Tech Mahindra (3.84 %) HCL technologies limited (3.08%) TCS 2.89 per cent, Reliance industries (2.47 %) State Bank of India (2.13%) and Infosys (2.02%).
All banking stocks except Kotak Bank performed well today, as HDFC Bank (1.34%) State Bank of India ( 1.2 %) Axis Bank (0.64 %) ICICI Bank (0.26%) concluded their trading in green.
The top losers in Sensex on Thursday were Mahindra and Mahindra (1.81%) Sun Pharma (0.87%) Kotak Bank (0.48%) and Bharti Airtel (0.40%).
22 stocks advanced in Sensex on the second last day of trading this week, while 8 stocks concluded their trading in the red.
Along with the banking stock, several tech stocks and FMCG stocks also performed well today, and it helped Sensex increase its value by more than 500 points.
Share prices of Tech Mahindra and Larsen and Toubro increased by 38.70 and 11.85 respectively. Increased confidence in traders helped the stocks to trade in green today as Larsen & Toubro and Tech Mahindra have announced their dividends earlier which would go ex-dividend on July 21st. Other than Tech Mahindra and LT, Blue Star, Godrej Agrovet and Thermax would go ex-dividend on Friday.
Just behind S&P BSE Sensex, S&P BSE Sensex 50 concludes its market on Thursday with an increase of (1.06 %) S&P BSE Sensex Next 50 also increased by (0.34 %) to close the market at 46728.45 points.
In an overall analysis of Bombay Stock Exchanges indexes, on Thursday out of 3489 stocks which got traded 1880 stocks advanced while 1459 stocks declined. 15 stocks remain unchanged during the trading day.
Nifty 50
Benchmark index of National stock exchange Nifty 50 on Thursday increased by 180.30 points (1.10%) to close the market at 16520.85 points.
As expected, tech and banking stocks helped the Nifty 50 get on to trading in the green for the 4th consecutive day this week.
Top gainers were ONGC (3.71%) Tech Mahindra (3.60 %) TCS (2.82%) HCL technologies (2.79%) and Reliance industries (2.54%).
The decision of the Indian government to cut the windfall taxes on fuel exports helped Reliance Industries and ONGC to increase their share value.
The share price of ONGC increased by 4.75 rupees, while the Reliance industry’s share price increased 61.9 rupees.
Top losers in the market were HDFC Life insurance, Mahindra and Mahindra, Sun Pharma, Eicher Motors, Kotak Bank and Adani ports.
While 34 stocks in Nifty 50 closed their market in green, 16 stocks concluded the trading in the red.
Reduction in the prices of oil in international markets, along with strong global cues from other stock exchanges, made Indian stock markets perform well today.
International markets
While Asian markets such as Shanghai SC composite index, and Nikkei 225 index closed their markets in green, European and American indexes such as DAW Jones industrial index and DAX are trading in red. Meanwhile, NASDAQ and S&P 500 indexes are trading in green.