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Sensex rises 488 points, Nifty closes shy of 17,800; Titan stock zooms 10%

Sensex rises 488 points, Nifty closes shy of 17,800; Titan stock zooms 10%

Titan was the top Sensex gainer, zooming 10.69 per cent, after the firm reported strong demand recovery in the July-September quarter

Other Sensex gainers were M&M, Maruti, IndusInd Bank, Sun Pharma, Asian Paints, HCL, TCS, Tech Mahindra and ICICI Bank, rising up to 5.32 per cent. Other Sensex gainers were M&M, Maruti, IndusInd Bank, Sun Pharma, Asian Paints, HCL, TCS, Tech Mahindra and ICICI Bank, rising up to 5.32 per cent.

Benchmark indices resumed their rally on Thursday after a day's pause, in line with global markets. Globally, investors were positive due to a dip in energy prices and progress over debt-ceiling negotiations in the US.

Sensex rallied 488.10 points or 0.82 per cent to end at 59,677.83 and Nifty zoomed 144.35 points or 0.82 per cent to 17,790.35. Titan was the top Sensex gainer, zooming 10.69 per cent, after the firm reported strong demand recovery in the July-September quarter.

Other Sensex gainers were M&M, Maruti, IndusInd Bank, Sun Pharma, Asian Paints, HCL, TCS, Tech Mahindra and ICICI Bank, rising up to 5.32 per cent.

On the other hand, Dr Reddy's, HDFC, Nestle India, Bajaj Finserv, HUL and NTPC were among the laggards, shedding up to 1.31 per cent.

A strengthening rupee, which snapped its three-session losing streak against the US dollar, also bolstered sentiment, traders said.

Of the 30 Sensex shares, 20 ended higher. BSE mid cap and small cap indices rose 425 points and 395 points, respectively.

On the sectoral front, banks, consumption and auto stocks saw robust buying ahead of RBI's policy decision on Friday. BSE bankex rose 231 points and BSE auto index ended 1,057 points higher in trade today. BSE consumer durables index rallied 2,407 points to end at 43,793.

The IT pack also ended in the green on earnings optimism, with TCS scheduled to announce its results on Friday. BSE IT index closed 574 points higher at 35,115.

The market breadth was positive with 2,174 shares ending higher against 1,125 shares closing in the red. 144 shares were unchanged. Market cap of BSE-listed firms rose to Rs 264.98 lakh crore.

"Domestic market clawed its way out to a gap up opening following strong global sentiments, as US debt default worries calmed along with easing bond yields and crude oil prices. The domestic market was pushed by strong buying in auto, realty and IT sectors which bolstered the market to sustain the trend in favour of the bulls.

Despite the global semiconductor shortage, auto stocks sparked a rally in hopes of demand revival during the festive season while the expectation of better Q2 numbers for IT and strong pre-sale numbers helped the realty sector," said Vinod Nair, Head of Research at Geojit Financial Services.

Meanwhile, rupee snapped its three-session losing streak to settle 19 paise higher at 74.79 against the US dollar on Thursday.

Foreign institutional investors were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 802.81 crore, as per exchange data.

Global markets staged a comeback as easing energy prices calmed inflation fears. In the US, lawmakers worked towards a deal to extend the federal debt ceiling and avert a historic default. Elsewhere in Asia, bourses in Hong Kong, Seoul and Tokyo ended with significant gains.

Shanghai was closed for holidays. Stock exchanges in Europe too were in the positive zone in afternoon trade. International oil benchmark Brent crude slipped 0.97 per cent to $80.29 per barrel.