Indian stock market had a dream run on Thursday as Sensex and Nifty rose by more than 1.5%. Decision of the US Federal Reserve to hike benchmark interest rate by 75 basis points and positive comments from US Fed chief Jerome Powell regarding the US economy pushed the domestic markets to a two-month-high.
Sensex
S&P BSE SENSEX gained 1041.47 points (+1.87%) to close the market at 56,857.79. Sensex is touching this figure for the first time since May 2nd 2022.
Signals from the US Federal Reserve regarding slowing down of rate hikes and the decreasing chance of the US economy moving to recession helped the market perform well today.
Top gainers on Thursday were Bajaj Finance, Bajaj Finserve, Tata Steel, Kotak Bank, Indus Ind Bank and Infosys.
The top losers were Bharti Airtel, Ultra tech Cement, Dr Reddy’s Laboratories, ITC and Sun Pharma.
Out of 30 stocks being traded on the Sensex index, 25 stocks advanced, while the rest concluded their trading in Red.
In sectoral indices, S&P BSE Finance and S&P BSE Information Technology made the highest gains on Thursday. Finance increased by 2.21% while the IT index gained 2.51%.
The banking index in Bombay Stock Exchange, S&P BSE Bankex gained 729.36 points to close the market at 43,058.71.
Nifty
The Benchmark index of the National Stock Exchange, Nifty 50, gained 287.80 points on Thursday to close the market at a last traded price of 16,929.60. This was a 1.73% increase in the index value.
Top gainers were Bajaj Finance, Bajaj Finserve, Tata Steel, Kotak Bank and SBI Life.
The top losers on Friday were Shree Cements, Bharti Airtel, Ultra Tech Cement, Dr Reddy’s Laboratories and Cipla.
Out of 50 stocks listed on Nifty 50, 40 traded in the green on the second last market day this week, while 10 declined their stock values from the previous closing.
Increased momentum in buying Indian stocks by Foreign Portfolio Investors also helped Indian markets gain considerably well today. FPI’s bought shares worth nearly 1600 crore Indian rupees and became net buyers.
Even though pessimistic and bearish candles still exist in weekly charts, comments made by the US Fed chief and forecasts for the US economy give positive sentiments to traders in and outside India.
International Markets
In Asian markets, Shanghai Composite (+0.21%) and Nikkei (+0.36%) traded in the green on Friday, while the Hang Seng of Hong Kong saw a decrease of 0.38% in its value.
European markets performed well today, as DAX (+0.88%) and CAC 40 (+1.30%) traded in the green. Only FTSE 100 of the United Kingdom traded in red as the exchange saw a decrease in value by 0.04%.