Closing Bell: Indian market halts the 4-day losing streak, Nifty settles above 16450
Domestic equity benchmarks, Sensex and Nifty surged in a volatile session snapping the four-day losing streak, helped by buying in energy, healthcare, oil & gas and telecom names
Indian equity market rallied on Thursday in a fag-end recovery aided by strength in oil & gas, financial, IT and pharma stocks. In the process, both the benchmarks halted a four-day losing streak. This comes a day after the RBI announced a 50-bps hike in the key lending rate as expected. The apex bank has now 90 basis points in the last two months to tame surging inflation.
In today's trade, weakness in metal shares, however, limited the upside. Broader markets also finished the volatile session with gains as the Nifty Midcap 100 and Nifty Smallcap 100 indices rose 0.5% and 0.2%, respectively. In global marketsWall Street finished yesterday's session in the red as market participants now await for updates from central bank meetings for more clarity on the impact of heightening inflation on interest rates and economic growth.
At the closing bell on June 9, the 30-share BSE Sensex climbed 428 points or 0.78% to close at 55,320, while the NSE Nifty gained 122 points or 0.74%, to settle at 16,478.
Top gainers on the BSE index were Reliance, Dr Reddy's, Bharti Airtel, Tech Mahindra, Sun Pharma, Kotak Mahindra Bank, Wipro, ITC, Infosys, HDFC Bank, TCS and IndusInd Bank. Top losers included Tata Steel, UltraTech Cement, NTPC, Bajaj Finance, SBI, Asian Paints, HCL Tech, Bajaj Finserv and M&M.
India VIX, the volatility gauge of domestic bourses, fell more than 3% in Thursday's trading session. According to analysts, the index was just above 19 levels and needs to come nearer to the 18 level for bulls to gain confidence.
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