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Sensex reclaims 59K, stocks surge to 4-month high

Axis Bank was the top gainer in the Sensex pack, climbing 2.75 per cent, followed by Bajaj Finance, HDFC, Tech Mahindra, Wipro, SBI, TCS and IndusInd Bank.

Share Market Today | Stock Market Today | Sensex | Niffty | Reliance Shares | Market News TodaySensex, Niffty, Share Market Updates Today: The BSE (Bombay Stock Exchange in Mumbai. (Express photo By Ganesh Shirsekar)

Shares surged to a four-month high on Thursday as softer-than-anticipated US inflation data calmed the markets and fears of very aggressive rate hikes by the US Fed receded. The indices were driven up by gains in IT and bank stocks.

The NSE Nifty 50, posting gains for four straight sessions, closed 0.71 per cent higher at 17,659 while the BSE Sensex rallied 515.31 points or 0.88 per cent to reclaim the 59,000 mark and end the session at 59,332.60, its highest closing since April 8, 2022.

Sustained purchases by foreign investors help propel stocks as did the positive cues from the Asian markets. Foreign investors have bought a net $2.24 billion worth of Indian equities so far this month, compared with $518 million worth of net sales in the same period last month, according to data from Refinitiv.

The Nifty’s IT index settled 1.8 per cent higher, with Infosys, Tata Consultancy Services and Wipro adding between 1 per cent and 2 per cent. Nifty’s public sector bank index climbed 2.4 per cent to snap a five-day losing run and was the best performer among other sub-indices. Shares of State Bank of India rose nearly 2 per cent.

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Axis Bank was the top gainer in the Sensex pack, climbing 2.75 per cent, followed by Bajaj Finance, HDFC, Tech Mahindra, TCS, SBI and Wipro. On the other hand, ITC, NTPC, HUL, Bharti Airtel, Maruti and Nestle India were among the major laggards, sliding as much as 1.56 per cent.

Broader markets gained as well, with the BSE midcap index advancing 0.83 per cent and the smallcap gauge rising 0.52 per cent.

Foreign institutional investors (FIIs) remained net buyers in the capital market as they purchased shares worth Rs 1,061.88 crore on Wednesday, according to exchange data.


Meanwhile, the rupee depreciated by 37 paise to close at 79.62 against the US dollar on Thursday despite sustained foreign capital inflows and a positive trend in equities, as per a PTI report.

At the interbank foreign exchange market, the local currency opened at 79.22 and saw an intra-day high of 79.22 and a low of 79.94 against the American currency. It finally ended at 79.62, down 37 paise over its previous close of 79.25. FE WITH PTI

First published on: 11-08-2022 at 16:41 IST
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