Closing Bell: Sensex and Nifty gain over 1%, Nifty tops 17200

Domestic equity bourses Sensex and Nifty climbed sharply today amid broad-based buying and a rebound across global markets. Financial, FMCG, IT and oil & gas shares were the biggest contributors to the rise in the headline indices.

Indian equity market rebounded on Thursday, due to higher investor optimism driven mainly by a rally in the US stock market tracking robust US company earnings. However, global economic growth fears, a slowdown in demand from China's stringent Covid restrictions, and Europe's energy crisis weighed on.

After opening in green, at the closing bell on April 28, the Sensex surged 701.67 points or 1.23% at 57521.06, and the Nifty added 206.60 points or 1.21% at 17245. On the market breadth, around 1594 shares have advanced, 1729 shares declined, and 104 shares are unchanged.

On the sectoral basis, FMCG, power, auto and capital goods added 1-2% each while in the broader markets, midcap and smallcap indices also ended in the green.

Shares of Reliance Industries Ltd (RIL) soared 1.5% to hover near record highs after the conglomerate said that an investment company set up by Rupert Murdoch's son James and former Disney India executive Uday Shankar would invest Rs 13,500 crore in Mukesh Ambani's broadcasting business Viacom18.

However, the fall in shares of Future Group companies continued for the fourth day in a row. Stocks of Future Consumer crashed nearly 10%, while Future Enterprises and Future Retail lost about 5%, on increasing concerns that the group faces bankruptcy risk after the Reliance deal failed.

Also in the laggards, Zee Learn tumbled nearly 10% after the National Company Law Tribunal (NCLT) issued notice on Yes Bank's initiation of insolvency proceedings against the firm.

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