The Bombay Stock Exchange Sensex on Thursday rose 85.82 points to end at 29,422.39, while the Nifty soared 32.90 points to cross the 9,100-mark and settle at 9,136.40. The market finally ended in green after declining for five consecutive days.
According to analysts, investors picked “beaten down counters” like Infosys and TCS while the Asian and European markets also contributed to the gains. “An extended period of consolidation over the last one week has rendered stocks slightly cheaper compared to previous month levels. That may have attracted some bargain hunting,” Anand James, chief market strategist at Geojit Financial Services, told Mint.
Among the top gainers were Adani Ports, GAIL, Grasim Industries and Bank of Baroda. Shares of information technology firms like Infosys and Tech Mahindra made some marginal gains. However, bank shares dropped with ICICI Bank, Axis Bank and Yes Bank being the top losers. YES Bank’s shares dropped 3% after it reported a 66% surge in provisions for bad loans.
As many as 1,813 shares advanced while 1,054 declined and 174 shares remained unchanged. Overall, the market breadth was positive but narrow, according to Moneycontrol. On the sectoral front, Nifty Realty index was up by 2.1%. Gains made by Sobha, Oberoi Realty and Godrej Property helped push the Nifty up. The media index, too, made similar gains after shares of Sun TV soared 6.7% while that of Eros Media and Network 18 jumped 6.4% and 3.2%, respectively.
The global market was cautious ahead of the first round of the French presidential elections. Besides, political tensions between United States and North Korea also made investors wary. Asian currencies were trading in the red. Indonesia’s rupiah was down by 0.15% while South Korea’s won dropped 0.1%. Japan’s yen was also down by 0.09% and Taiwan’s dollar fell 0.04%.