Stock markets on Thursday ended higher for the second consecutive trading day amid volatility, showing signs of stability following the results of India’s Lok Sabha elections.
The Sensex index opened at a high of 75,078.70 and closed at 75,074.51, up 692.27 points or 0.93 percent. The index traded between a low of 74,474.94 and a high of 75,297.73 at closing.
The Nifty 50 opened at a high of 22,798.60 and closed at 22,821.40, up 201.05 points or 0.89 percent. It closed in the range of 22,642.60 to 22,910.15.
Investors are now awaiting the decision of the Reserve Bank of India’s Monetary Policy Committee on Friday.
Analysts expect the central bank to maintain status quo for the eighth consecutive time, keeping interest rates unchanged at 6.5%, rendering the policy decision meaningless to markets.
On the Sensex index, Hindustan Unilever, Asian Paints, Mahindra & Mahindra, Nestle India and IndusInd Bank were the top losers while Tech Mahindra, HCL Tech, SBI, NTPC and Infosys were the top gainers.
On the other hand, in the Nifty 50, Hindalco Industries, Hero MotoCorp, Hindustan Unilever, Asian Paints and Mahindra & Mahindra were the top losers, while Tech Mahindra, HCL Tech, Shriram Finance, SBI Life and SBI were the top gainers.
Sector-wise, Nifty FMCG (0.34%), Pharma (0.25%), Healthcare (0.08%) and Private Banking (0.03%) were in the red.
Sector indices that rose included Nifty Real Estate at 4.69%, followed by Media (3.68%), PSU Banking (2.92%), IT (2.83%) and Oil & Gas (2.37%). Nifty Bank also ended with a gain of 0.48%.
Heritage Foods shares were pegged at Rs 601, up 10 per cent, for the second consecutive trading day.
Dairy manufacturers Nara Bhuvaneshwari and Nara Lokesh are Chief Minister-designate Chandrababu Naidu’s wife and son respectively.
ITC shares also rose more than 1% to 434 rupees apiece after shareholders approved the demerger of the conglomerate’s hotel business. Around 99.6% of shareholders voted in favour of the demerger, while only 0.4% voted against it, according to ITC’s stock exchange filings.
The Indian rupee closed 10 paise lower at 83.47 per dollar on Thursday against Wednesday’s closing level of 83.37.
Global stocks approached all-time highs and the euro rose after the European Central Bank was widely expected to cut interest rates for the first time in nearly five years.
Traders pushed the pan-European STOXX 600 up 0.3% in early trading and watched as the MSCI 47-nation major world index came within a point of a seemingly inevitable new high.
