Sensex rises 762 points to close at 62,273

The US Fed showed a dovish stance in its October minutes, cheering the markets. Behind which there was strength in the stock markets. Indian markets closed at their all-time high on Thursday. The BSE Sensex closed at 62,273, up 762 points. On an intra-day basis, it showed an all-time high of 62,412. The Nifty also […]
 


Sensex rises 762 points to close at 62,273

The US Fed showed a dovish stance in its October minutes, cheering the markets. Behind which there was strength in the stock markets. Indian markets closed at their all-time high on Thursday. The BSE Sensex closed at 62,273, up 762 points. On an intra-day basis, it showed an all-time high of 62,412. The Nifty also closed at 18,484, up 217 points. Breadth turned positive due to broad based buying in large-caps. 43 out of 50 Nifty counters were showing positive close. While seven were found counter negative. The broad market also remained strong and the breadth was moderately positive. The volatility index India VIX fell 4 per cent to 13.47.

 

The Fed was soft in tone when it presented the minutes of its October meeting to investors around the world on Wednesday night. Following which the UNS market closed positive. Asian markets also gained momentum on Thursday. Only Singapore and China closed marginally lower. The market was showing a downtrend in China due to the fresh lockdown due to increase in Covid cases. On the other hand, the Indian market was correcting after a gap-up opening. It showed a significant breakout. Nifty traded higher at 18,530 after opening at 18,326 against previous close of 18,267 and eventually closed at an all-time high. Apollo Hospitals, HDFC Life, BPCL, Inphase, Tata Consumer, Power Grid Corp, Wipro, Tech Mahindra, HCL Tech, TCS, ONGC and HDFC were the major gainers on the Nifty count. On the strength of banking counters, Bank Nifty crossed the level of 43 thousand and remained above it. The Nifty IT index rose 2.7 per cent to touch the 30,000 mark. In which L&T Infatech, Infsys, Wipro, Tech Mahindra remained at the top of the improvement. Nifty Energy climbed 0.9 per cent. In which oil marketing companies were at the helm of reforms.

 

The Nifty PSE index closed with a gain of 1.5 per cent. The Nifty PSY Bank index rose another per cent to touch the 4,000-mark. In which Union Bank, Bank of India, Yunco Bank, JK Bank, Canara Bank, PNB and Bank of Baroda were prominent. Nifty Pharma index was seen flat. Among the NSE derivatives counters, Gujarat State Petronet was the top gainer with a gain of 10 per cent. Whereas Birlasoft, Apollo Hospitals, HDFC Life, L&T Inftech, Balrampur Chinese, Persistent, Honeywell Automation were showing an improvement of more than 4 percent. On the other hand, GNFC, Vodafone, Sun TV Network, Biocon, Dr. Lal PathLab, Gujarat Gas, Ramco Cements, Shriram Transport were among the losers. Shares of railway-related companies IRFC, Rail Vikas were seen at their highest levels.