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The domestic equities market on Thursday witnessed a surprisingly sharp turnaround on the Nifty F&O expiry day
Sensex surges over 1,300 points
Benchmark equity indices, the BSE Sensex and NSE Nifty50, reversed early losses to extend their winning streak for the fifth consecutive session, closing in positive territory on Thursday. The Sensex gained 809.53 points, or 1%, ending at 81,765.86, after oscillating between 82,317.74 and 80,467.37 throughout the day.
The Nifty50 closed at 24,708.40, up by 240.95 points or 0.98%. It reached an intraday high of 24,857.75, with the day’s low at 24,295.55.
Of the 50 stocks on the Nifty50, 41 ended higher, with notable gains from Trent, TCS, Infosys, Titan Company, and Dr. Reddy’s Labs, which rose by up to 3.31%. On the flip side, 9 Nifty50 constituents, including SBI Life, Bajaj Auto, HDFC Life, NTPC, and Grasim, saw losses of up to 1.21%.
The broader markets followed suit, with the Nifty Midcap100 and Nifty Smallcap100 indices gaining 0.57% and 0.83%, respectively.
IT stocks led the rally, with the Nifty IT index rising 1.95%, driven by TCS, Infosys, and LTIMindtree. The index reached a fresh 52-week high of 45,027.95 during the day.
Other sectoral indices ended on a positive note, with the exception of the Nifty PSU Bank and Realty indices.
Global Cues
In global markets, Wall Street’s major indices surged to record highs, driven by tech stocks and positive remarks from Federal Reserve officials. The S&P 500 climbed 0.6% to 6,086, the Nasdaq Composite jumped 1.3% to 19,735, and the Dow Jones Industrial Average rose 0.7% to 45,014.
MSCI’s global stock index increased by 0.47%.
US Treasury yields fell after Fed Chair Jerome Powell stated that the strength of the US economy would allow the central bank to “be a little more cautious” with interest rate policy.
In Asia, MSCI’s broadest index of stocks outside Japan slipped 0.15%, with most Asian markets, except South Korea, closing higher.
In Europe, stocks gained about 0.4%, while the euro traded near a two-year low ahead of the no-confidence vote in France.