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December 5, 2023 8:49 pm

Sensex, Nifty rally around 1 per cent on strong macro data, global cues; metal, power shares lead gains

Mumbai, September 1

Equity benchmark Sensex on Friday rallied 556 points, logging its best single day in two months, while Nifty closed above the 19,400 level on value-buying in power, metal and oil stocks following strong domestic macro data and global cues.

The BSE barometer closed higher by 555.75 points or 0.86 percent at 65,387.16 with 26 of its constituents ending in the green.

The index opened higher and later touched a high of 19,435.30 in day trading. It touched a low of 64,818.37.

The broader Nifty spurted by 181.50 points or 0.94 per cent to close at 19,435.30. As many as 44 Nifty stocks advanced while six declined.

NTPC was the lead gainer among Sensex stocks, rising by 4.84 percent.

JSW Steel (3.37 percent), Tata Steel (3.33 percent), Maruti (3.24 percent), Power Grid (3.07 percent), IndusInd Bank (2.95 percent), Bajaj Finance (2.12 percent) and Tech Mahindra (2.22 per cent) were among major gainers.

On the other hand, Ultratech Cement, Sun Pharma, Nestle and L&T were the losers.

Vinod Nair, Head of Research at Geojit Financial Services said, “Domestic markets made significant gains, buoyed by favourable global cues, a higher-than-expected domestic manufacturing PMI, and positive GDP growth data.” This robust economic outlook propelled key manufacturing sectors to lead the rally, while strong sales figures generated increased interest in auto stocks, Nair added.

Official data released on Thursday showed that the Indian economy grew 7.8 percent in the June quarter, mainly on the back of double-digit expansion in the services sector, and retained its position as the world’s fastest-growing major economy.

“Most sectors contributed to the move wherein metal and energy gained maximum. The market breadth also ended strongly on the advancing side, thanks to continued buying in midcap and smallcap space,” Ajit Mishra, SVP – Technical Research, Religare Broking Ltd, said.

In the broader market, both BSE Midcap and SmallCap rose by 0.75 percent each.

All the sectoral indices except for healthcare closed with gains.

BSE Metal rose the most by 3.32 percent, followed by Utilities by 3.09 per cent, Telecom (2.73 percent), Power (2.73 per cent), Oil & Gas (1.85 per cent), Auto (1.58 per cent), Commodities (1.57 per cent), Energy (1.48 per cent) and IT (1.02 per cent).

Healthcare declined 0.6 per cent.

Overall market breadth was positive as 2,183 stocks advanced, 1,479 stocks declined and 124 stocks closed unchanged. As many as 281 stocks hit their 52-week high levels while 22 scrips traded at 52-week lows.

In Europe, Britain’s FTSE 100 rose 0.5 per cent, France’s CAC 40 edged up nearly 0.1 per cent while Germany’s DAX was little changed. Gains in US futures supported the positive sentiment. Dow futures was up 0.3 per cent and S&P 500 futures rose 0.2 per cent.

Among Asian markets, Japan’s benchmark Nikkei 225 rose 0.3 per cent, South Korea’s Kospi added 0.3 per cent and the Shanghai Composite added 0.4 per cent.

Global oil price benchmark Brend Crude futures surged 1.26 per cent to USD 87.92 per barrel.

On Thursday, Foreign Institutional Investors (FIIs) were net sellers of domestic equities as they offloaded shares worth Rs 2,973.10 crore, as per exchange data.

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