Indian benchmark indices ended higher for the fourth straight session on Thursday, with Sensex surging over 450 points and Nifty reclaiming the 10,800 mark, driven by a rally in rupee, easing crude prices and dovish comments from US Federal Reserve Chairman Jerome Powell. The party mood at the Dalal Street was also supported by short covering by investors on the last session of November futures and options (F&O) derivatives series.
The Sensex closed at 36170.41, up by 453.46 points or by 1.27 per cent, and the NSE Nifty ended at 10858.7, up by 129.85 points or by 1.21 per cent. During the day's trade, the Sensex touched intraday high of 36,253.85 and low of 35,946.24 and the NSE Nifty touched intraday high of 10883.05 and intraday low of 10782.35.
In a similar trend, BSE MIDCAP settled at 14955.15, up by 92.53 points or by 0.62 per cent, and the BSE SMALLCAP closed at 14352.88 up by 31.44 points or by 0.22 per cent.
The Market breadth, indicating the overall strength of the market, was positive. On BSE out of total shares traded 2911, 1395 shares advanced, 1357 shares declined, and 159 were unchanged.
Overseas, most of the Asian stocks ended higher, barring China's Shanghai Composite Index and Hong Kong's Hang Seng Index, following strong closing on Wall Street in overnight trade, as investors were buoyed by comments from Jerome Powell, who indicated the central bank may be almost done raising interest rates, boosting appetite for riskier assets.
Propelled by Powell's comment, the Indian rupee passed psychological level of 70 to close at over three month high of 69.85 a dollar, against its Wednesday's close of 70.62.
Among the individual stocks, Bajaj Auto emerged as the top gainer and rallied over 4 per cent, followed by Kotak Mahindra Bank (4.24%), Mahindra & Mahindra (3.32%), Vedanta Ltd. (3.19%), IndusInd Bank (2.97%) and Reliance Industries (2.02%).
The YES Bank stock staged a sharp rebound and recovered nearly 13 per cent from its day's low at Rs 147 per share, to close at Rs 161.70 on the BSE. The private sector lender's stocks touched a fresh 52-week low of 147 in early trade after ratings agencies ICRA and CARE downgraded their ratings for the bank citing concerns over poor corporate governance.
The rally was led by metals and financial stocks, which rose 2.01 per cent and 1.75 per cent respectively.