Indian stock markets made huge gains on Thursday as easing inflation numbers in the US economy helped Sensex cross the 59000 mark while Nifty 50 gained more than 120 points.
The increased purchase of stocks by foreign portfolio investors from Indian markets also helped indices do considerably well on Thursday.
A small but significant decline in prices of commodities such as crude oil, coupled with positive forecasts for Indian markets by international financial services firms, helped Indian stock reap gains second last trading day of this week.
On the Bombay Stock Exchange, S&P BSE SENSEX gained 515.31 points (0.88%) on Thursday to touch a 4-month-high level of 59,332.60. The index, which closed at 58,817.29 points on Wednesday, opened at 59,320.45 on Thursday and went as high as 59,484.99 during the day.
Top gainers on S&P BSE SENSEX were Axis Bank, Bajaj Finance, HDFC, Tech Mahindra, Tata Consultancy Services, and State Bank of India.
All the banking stocks including Indus Ind Bank, Kotak Bank, HDFC Bank and ICICI Bank gained on Sensex on Thursday. Along with Banking stocks, IT stocks such as Wipro, Infosys, and HCL Tech also concluded trading in the green today.
ITC, NTPC, Hindustan Unilever, Bharti Airtel, Maruti and Nestle India were top losers on the index.
Out of 30 stocks traded on S&P BSE SENSEX, 20 stocks achieved gains while 10 stocks ended up suffering a downfall in their share value.
In sectoral indices, S&P BSE BANKEX for banking stocks gained the most as the index increased its value by 720.42 points (1.64%) to close the market at 44,575.93 points. Out of 10 stocks listed on S&P BSE BANKEX, only stocks of AU Bank and Bandhan Bank closed the market in the red.
Out of 3,535 stock trade on the Bombay Stock Exchange, 1,792 stocks advanced while 1,596 stocks suffered losses during the day. The value of 147 stocks remained unchanged during the trading day. 132 stocks touched 52-week high levels of their share value, while 35 stocks declined to 52-week low levels of their share value.
The benchmark index of the National Stock Exchange, Nifty 50, gained 124.25 points (0.71%) to conclude trading at the last trade price of 17,659.00. Nifty 50 which closed at 17,534.75 on Wednesday opened the market on Thursday at 17,711.65 and went as high as 17,719.30 points.
Top gainers on the Nifty 50 were Axis bank, Indus Ind Bank, Bajaj Finance, HDFC, and Tech Mahindra.
Tata Consumer Products, Apollo Hospital, ITC, NTPC and Hindustan Unilever were top losers on the index on Thursday.
Out of 50 stocks listed on Nifty 50, 29 stocks advanced, while 21 stocks concluded trading in the red.