MUMBAI, Mar 6: The benchmark stock index Sensex surged by nearly 610 points, reclaiming the 74,000 level, while Nifty closed above 22,500 in its second consecutive day of gains on Thursday, driven by robust buying in Reliance Industries amid declining crude oil prices.
After recovering from early losses, the 30-share BSE Sensex increased by 609.86 points or 0.83 percent, settling at 74,340.09. At its peak during the day, it rose by 660.57 points or 0.89 percent, reaching a high of 74,390.80.
The broader Nifty of NSE also saw an uptick, gaining 207.40 points or 0.93 percent to close at 22,544.70, with an intraday high of 22,556.45, marking a jump of 219.15 points or 0.98 percent.
Major gainers from the Sensex included Asian Paints, NTPC, Reliance Industries, Tata Steel, Bajaj Finserv, Hindustan Unilever, Sun Pharmaceuticals, Adani Ports & SEZ, Axis Bank, Tata Consultancy Services, Titan, and Bajaj Finance.
Conversely, Tech Mahindra, Kotak Mahindra Bank, Zomato, Tata Motors, and IndusInd Bank were among the laggards.
“The Indian indices showed resilience due to favorable global cues, particularly after Trump’s softened tariff approach for automakers from Canada & Mexico alongside a weakening dollar index,” stated Vinod Nair, Head of Research at Geojit Financial Services.
A decrease in crude oil prices, influenced by reduced demand and additional economic stimulus from China, fueled optimism in both the energy and metals sectors, added Nair.
The broader markets also performed well, with the BSE smallcap index rising by 1.63 percent and the midcap index increasing by 0.65 percent.
Among BSE sectoral indices, gains were seen in Energy, Metal, Oil & Gas, Commodities, Utilities, Services, Power, Healthcare, FMCG, and Industrials, while Telecommunication and Realty sectors faced declines.
Throughout the BSE, 3,007 stocks advanced while 989 declined and 107 remained unchanged.
In Asian markets, Tokyo, Shanghai, Hong Kong, and Seoul concluded higher.
European markets were trading mixed during mid-session. Wall Street closed positively on Wednesday.
The global oil benchmark, Brent crude, saw an increase of 0.52 percent, reaching USD 69.66 per barrel.
In contrast, Foreign Institutional Investors (FIIs) sold equities worth Rs 2,895.04 crore on Wednesday, as per exchange data.
On the previous day, the BSE Sensex had risen by 740.30 points to close at 73,730.23, interrupting a 10-day streak of losses. The broader Nifty of NSE rebounded sharply by 254.65 points, finishing at 22,337.30. (PTI)
