Bull run for 5th session as large-caps stage recovery

Bull run for 5th session as large-caps stage recovery

Buying in banking stocks lifted Sensex, Nifty; A sharp surge in select heavyweights during late session spurs key indices upwards

Mumbai: Equity benchmark Sensex climbed over 385 points to reclaim the 66,000 mark on Thursday, propelled by robust buying in index majors HDFC Bank, L&T and SBI amid a weak trend in global equities. A decline in crude oil prices in the international market also supported the domestic equities, traders said.

Rising for the fifth straight day, the BSE Sensex recovered all the early lost ground and finally closed with a gain of 385.04 points or 0.58 per cent at 66,265.56. During the day, it hit a low of 65,672.34 and a high of 66,296.90. The Nifty advanced 116 points or 0.59 per cent to settle at 19,727.05.

Benchmark Indices staged a smart afternoon rally with the help of PSU and Infrastructure stocks. With a 13.5 per cent share of the market capitalisation, PSU companies have seen a robust jump from just over 9 per cent in 2021 even as several mid-cap state-owned entities have seen a multi-fold rise in their stock values during this period.

From the Sensex pack, Larsen & Toubro jumped 4.26 per cent to emerge as the biggest gainer, followed by IndusInd Bank, Tech Mahindra, State Bank of India, HCL Technologies, Power Grid, NTPC, Axis Bank, Kotak Mahindra Bank, HDFC Bank and Wipro. Mahindra & Mahindra, Infosys, UltraTech Cement and Hindustan Unilever were the major laggards. “Markets extended recovery on the weekly expiry day and gained over half a per cent. The tone was range-bound in the first half, however, a sharp surge in the select heavyweights turned the bias in favour of bulls as the day progressed,” said Ajit Mishra, SV-P (technical research), Religare Broking Ltd.

In the broader market, the BSE midcap gauge climbed 0.79 per cent, and smallcap index jumped 0.40 per cent. Among the indices, capital goods rallied 2.29 per cent, industrials climbed 1.55 per cent, realty jumped 1.44 per cent, bankex gained 1.12 per cent, utilities (1.04 per cent), financial services (0.97 per cent) and energy (0.96 per cent). FMCG emerged as the only laggard.

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