Gains in power stocks drive the Sensex and Nifty higher

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Gains in power stocks drive the Sensex and Nifty higher

Gains in power stocks drive the Sensex and Nifty higher
Gains in power stocks drive the Sensex and Nifty higher

The Indian equity benchmarks rose higher on Thursday, led by gains in power and utility sectors, ahead of the weekly expiry of index futures and options contracts. The Sensex surged 205 points, while the Nifty 50 index reached an intraday high of 15,693.35.
The Sensex was up 114 points at 52,055 at 9:23 a.m., and the Nifty 50 index was up 54 points at 15,690.

On Thursday, Asian stocks rose slightly but remained within their previous trading range as investors focused on U.S. inflation data and the prospect of an upside surprise prompting the Federal Reserve to begin reducing its enormous stimulus program.

MSCI’s broadest index of Asia-Pacific stocks outside Japan was slightly higher at 700.6 points, but it remained in the 698-712 point range it has been trading in since late May.

On Wednesday, foreign institutional investors sold 846 crores worth of shares in India, while local institutional investors sold 272 crores worth of shares.

All 19 of the BSE’s sector gauges were trading higher, headed by the S&P BSE Utilities index, which gained 1.4 percent. The Power, Realty, Metal, Healthcare, and Basic Materials indices all increased by over 1%.

The S&P BSE MidCap index jumped 0.93 percent, while the S&P BSE SmallCap index jumped 1.2 percent, indicating that broader markets outperformed their larger counterparts.

JSW Steel was the highest gainer on the Nifty, rising 2.5 percent to 715. Power Grid, Tata Consumer Products, Tata Steel, Divi’s Labs, Shree Cement, Hindalco, Wipro, Cipla, Tech Mahindra, Coal India, IndusInd Bank, and Grasim Industries all saw a 1-2 percent increase in their stock prices.

Bajaj Auto, Hero MotoCorp, Eicher Motors, Maruti Suzuki, and SBI Life, on the other hand, were among the notable losers.

The total market breadth was exceptionally strong, with 2,010 shares in the green and only 475 in the red.

Bajaj Auto, Hero MotoCorp, Eicher Motors, Maruti Suzuki, and SBI Life, on the other hand, were among the notable losers.

The total market breadth was exceptionally strong, with 2,010 shares in the green and only 475 in the red.

 

 


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