Markets snaps two sessions of losses: Sensex rises 437 pts, Nifty reclaims 16,600

Benchmark indices snapped two sessions of losing streak today, clocking gains in index heavyweights such as RIL and TCS amid positive cues from European markets. Sensex gained 437 points to 55,818 and Nifty closed 105 points higher at 16,628.

Reliance Industries, Bajaj Finserv, Sun Pharma, HCL Technologies, TCS, Asian Paints, Infosys and IndusInd Bank were among the top Sensex gainers, rising up to 3.51 percent.

RIL stock was also the top gainer on Nifty after Reliance Brands Limited (RBL) inked a joint venture arrangement with Plastic Legno SPA to strengthen the toy manufacturing ecosystem in India.

RBL will buy a 40 per cent stake in Plastic Legno SPA's toy manufacturing business in India. Plastic Legno SPA is owned by the Sunino Group that boasts over 25 years of toy output experience in Europe.

Also read: RIL stock rises after two days as subsidiary inks JV with Plastic Legno SPA

RIL stock closed 3.51 per cent higher at Rs 2,725 against the previous close of Rs 2,632.20 on BSE. On Nifty, RIL stock ended 3.6 per cent higher at Rs 2,728 against the previous close of Rs 2633.

HDFC, Hindustan Unilever, PowerGrid and HDFC Bank were among the biggest Sensex losers, falling up to 1.69 per cent.

Market cap of BSE-listed firms rose to Rs 259.04 lakh crore on Thursday against Rs 257.02 lakh crore market cap in the previous session.

Market breadth was positive with 1,970 shares ending higher against 1,339 stocks falling on BSE. 135 shares were unchanged.

Vinod Nair, Head of Research at Geojit Financial Services said, "The bounce in the market is showing signs of getting extended further supported by a mid and small-cap. High-frequency data like GST collection and PMI have shown a good start to FY23. Crude prices have declined providing an edge to the performance of the Indian market. However, a lot will depend on central bank's policy in India and US, which will be announced in the next two weeks."

BSE mid cap and small cap indices fell 8 points and rose 160 points, respectively.

IT and oil and gas stocks led the gains with their BSE sectoral indices ending 464 points and 396 points higher, respectively. Top losers were auto stocks with their BSE index falling 172 points to 26,216.

ALSO READ: Why auto stocks are trading flat today despite strong May sales

Foreign institutional investors sold shares worth a net Rs 1,930.16 crore on Wednesday, according to stock exchange data.

Meanwhile, rupee fell 10 paise to close at 77.60 against the US dollar on Thursday, even as oil prices fell and domestic equities ended higher.

At the interbank foreign exchange market, the rupee consolidated in a narrow range. It opened lower at 77.61 against the greenback.

The rupee touched an intraday low of 77.63 and a high of 77.54 in today's session.

On Wednesday, Sensex fell 185.24 points to close at 55,381.17. During the day, it dived 474.98 points or 0.85 per cent to 55,091.43 after an initial rally. Nifty dipped 61.80 points or 0.37 per cent to end at 16,522.75. Nestle India, Tech Mahindra, Bajaj Finserv, Sun Pharma, Hindustan Unilever, PowerGrid, UltraTech Cement, HCL Technologies, Wipro, Infosys and Bajaj Finance were among the top Sensex losers, falling up to 3 per cent.

Global markets

Elsewhere in Asia, markets in Tokyo, Hong Kong and Seoul ended lower, while Shanghai remained in the green. Markets in Europe were trading with gains during the afternoon trade. Stock markets in the US had ended lower on Wednesday. Meanwhile, international oil benchmark Brent crude declined 2.21 per cent to $113.7 per barrel.