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Share Market Today in India: The topline equity indices on the BSE and National Stock Exchange (NSE) settled over 0.25 per cent following a volatile session on Thursday on hopes of policy continuity after election trends indicated the ruling Bhartiya Janata Party (BJP) would retain power in the key state of Gujarat.
The S&P BSE Sensex rose 160.00 points (0.26 per cent) to close at 62,570.68 while the Nifty 50 inched 48.85 points (0.26 per cent) higher to settle at 18,609.35. Both the indices had opened on a flat note earlier in the day and largely traded on a positive range.
On the Sensex pack, Axis Bank, IndusInd Bank, Larsen & Toubro (L&T), ICICI Bank, Infosys and State Bank of India (SBI) were the top gainers of the day. In contrast, Sun Pharmaceutical Industries, Power Grid Corporation of India, Tata Consultancy Services (TCS), Kotak Mahindra Bank, Nestle India and Wipro were the top losers.
Among the sectoral indices on NSE, the Nifty PSU Bank index surged 3.81 per cent and the key Bank Nifty climbed 1.16 per cent.
In the broader market, the S&P BSE MidCap index rose 111.07 points (0.43 per cent) to end at 26,212.36 while the S&P BSE SmallCap gained 96.00 points (0.32 per cent) to settle at 29,855.79.
“PSU Banks fired up markets for the fourth consecutive day this week as the PSU Bank Index rose 4% today as positive tailwinds coupled with under ownership stepped up momentum in several stocks. With Indices at record highs, investors were seen actively accumulating several state owned banks with vast reach and trust available at reasonable valuations,” said S Ranganathan, Head of Research at LKP Securities.
Shares were mixed in Europe and Asia ahead of the release on Thursday and Friday of US jobless and inflation data. US futures turned higher and oil prices rebounded.
Investors are watching for data that may yield more insights into inflation’s path ahead and how the Fed will continue fighting high prices. The US will release data on weekly unemployment claims on Thursday.
Germany’s DAX edged 0.1 per cent higher to 14,268.71 and the CAC 40 in Paris picked up 0.1 per cent to 6,666.13. Britain’s FTSE 100 slipped 0.1 per cent to 7,484.25. The futures for the S&P 500 and the Dow Jones Industrial Average were 0.1 per cent higher.
In Asian trading, Hong Kong’s Hang Seng gained 3.4 per cent to 19,450.23, while the Shanghai Composite lost 0.1 per cent to 3,197.35. Tokyo’s Nikkei 225 declined 0.4 per cent to 27,574.43 after Japan revised upward its GDP data to show the economy contracted less than earlier reported in July-September, in a sign the country weathered its latest big Covid wave with less damage than had been thought. Australia’s S&P/ASX 200 sank 0.8 per cent to 7,175.50 and South Korea’s Kospi dropped 0.5 per cent to 2,371.08.
