Benchmark indices Sensex and Nifty registered gains for the fourth consecutive session. The 30-share BSE Sensex closed 1,225.07 points or 1.62 per cent higher at 76,917.85. During the day, the benchmark hit a high of 76,917.85 and a low of 76,033.74, gyrating 884.11 points.
Similarly, the 50-share NSE Nifty added 370.05 points or 1.58 per cent to close at 23,810.85. Similarly, the broader market ended the session in the green. The BSE MidCap Select Index added 151.78 points, or 0.87 per cent, while the BSE SmallCap Select Index gained 52.09 points, or 0.60 per cent.
Among sectoral indices, Nifty FMCG was the biggest gainer, up 3.65 per cent. Meanwhile, Nifty Realty and Nifty Private Bank jumped 2.33 per cent and 1.98 per cent respectively. However, Nifty Metal fell 0.14.
What’s behind the rally?
A sharp decline in crude oil prices, as markets unwound part of the geopolitical risk premium, provided the main impetus for the rally. Buying interest in banking and financial stocks added to the momentum, giving the advance broader support than the previous session’s rally, which was largely driven by gains in heavyweight stocks.
“Among the key drivers, a sharp decline in crude oil prices-amid diplomatic efforts involving the US, Iran and Qatar that raised hopes of de-escalation and eased concerns over potential supply disruptions-boosted investor sentiment. Foreign institutional investors also returned as net buyers in the previous session, providing additional support to domestic equities. However, mixed global cues and caution ahead of the US midterm election outcome remain important factors to monitor,” said Ajit Mishra, SVP – Research, Religare Broking.
Top gainers and losers
Among the 30-Sensex firms, Hindustan Unilever, Bharti Airtel, HDFC Bank, Asian Paints and UltraTech Cement were the major gainers, with Hindustan Unilever gaining 4.16 per cent today. On the flip side, Power Grid, SBIN, NTPC, Tata Steel and Trent were among the laggards. Power Grid shares fell 2.27 per cent today.
Today, 25 of 30 Sensex companies closed in the green, while the remaining 5 closed in the red. Meanwhile, 39 of 50 Nifty 50 companies also closed in the green, while 10 others closed in the red and one remained unchanged.
Rupee continues upward trajectory
Meanwhile, the Indian rupee traded higher, gaining around 0.15 per cent to 94.74, as cooling commodity prices eased concerns over the import bill and supported the domestic currency.