Stock markets zoom on unabated FII inflows
Equity benchmark indices ended nearly one per cent higher on Thursday amid continuous foreign fund inflows and buying in index majors HDFC twins and Reliance Industries (RIL). The 30-share BSE Sensex climbed 555.95 points or 0.91 per cent to settle at 61,749.25. During the day, it rallied 604.61 points or 0.98 per cent to 61,797.91. The broader NSE Nifty advanced 165.95 points or 0.92 per cent to end at 18,255.80.
“The US Federal Reserve softening its stance over future rate hike prospects cheered investors’ mood which triggered a fresh bout of buying in banking stocks. With India’s growth indicators showing good signs of revival and crude oil prices staying lower, investors are betting big on local equities even as haze over global economic growth persists,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
From the Sensex firms, Bajaj Finance, HDFC, HDFC Bank, Bajaj Finserv, Asian Paint, State Bank of India, Tata Consultancy Services, Bharti Airtel, Reliance Industries and Tata Steel were the biggest gainers. HDFC climbed 2.59 per cent after the housing finance major on Thursday reported a 20 per cent growth in standalone net profit to Rs 4,425 crore for the quarter ending March 2023 on the back of higher interest income. IndusInd Bank, Nestle, Power Grid, ITC, Tata Motors and Mahindra & Mahindra were the major laggards. In the broader market, the BSE smallcap gauge jumped 0.83 per cent and midcap index climbed 0.82 per cent.
Among indices, financial services rallied 1.42 per cent, telecommunication jumped 1.40 per cent, bankex (0.86 per cent), industrials (0.75 per cent), commodities (0.74 per cent) and metal (0.74 per cent). FMCG was the only laggard.