Closing Bell: Bulls are back on Dalal Street; Nifty gains over 2.5%
Domestic equity bourses Sensex and Nifty recorded good gains today amid broad-based buying. Financial, oil & gas, IT and metal stocks were the largest contributors in pulling the headline indices higher.
Indian equity market climbed for the second consecutive session today, led by buying mainly in metal and energy names. The headline indices rose sharply despite Life Insurance Corporation of India's (LIC's) subdued market debut. Shares of LIC got listed at a discount of 8.62% in the morning trade over the issue price of Rs 949. The stock settled 8.04% lower at Rs 872.70 on BSE. On the NSE, LIC slipped by 8.01% to settle at Rs 873 on the first day of trading. Owing to these developments, Indian market closed higher for the second dy in a row.
At the closing bell on May 17, the Sensex was up by 1,344.63 points or 2.54% at 54,318.47, and the Nifty was up 417 points or 2.63% at 16,259.30. On the market breadth, around 2575 shares have advanced, 693 shares declined, and 112 shares are unchanged.
Top Nifty gainers of the day were Hindalco Industries, Tata Steel, Coal India, JSW Steel and ONGC. Among the sectors, all indices ended higher with metal index up over 7% and all other sectoral indices up between 1-3%. In the broad markets, the BSE midcap and smallcap indices gained more than 2% each.
In the top trending stock, Hindalco was the top gainer as the stock soared 9.80% to Rs 429.25. On Monday, the Indian rupee had closed at 77.45 against the greenback. In one of the best days for Indian markets in the last three months, investors made Rs 12 lakh crore as the market cap of BSE-listed cos increases to Rs 255.7 lakh crore.
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