In a day that was extremely tumultuous on Thursday, benchmark indices ended on a positive note. The Nifty was up 143.40 points or 0.93 percent at 15,556.70 at closure, while the Sensex was up 443.19 points or 0.86 percent at 52,265.72.
Top Gainers & Losers
Top Nifty gainers included Maruti Suzuki, Eicher Motors, Hero MotoCorp, Bajaj Auto, M&M, and Tata Motors, which saw gains of between 3.5 and 6.7 percent. Coal India, Reliance Industries, Power Grid, Grasim, and NTPC all had declines of more than 5% to 15%.
The BSE MidCap and SmallCap indices have outperformed the leading indices in the broader markets, increasing up to 1.4%. Biocon, Ashok Leyland, ABB, Mindtree, Spandana Sphoorty Financial, Responsive Industries, and Khaitan Chemicals and Fertilizers were among the companies that saw individual gains.
The Nifty Auto index was the only significant gainer in the sector, closing about 4% higher. Except for the Nifty PSB index, which closed 0.25 percent lower, all other indices increased by up to 2 percent.
After the US FDA filed form 483 with six observations for the company's Baddi unit, Glenmark Pharma's stock fell by almost 4%.
Bajaj Auto increased by 3% after the business said that its board will meet on Monday to continue discussing the previously postponed share buyback proposal.
Anand Rathi Shares & Stock Brokers' Narendra Solanki stated: "The Asian market counterparts, led by China, were trading generally in the green as Indian markets opened on a strong note. Markets surrendered some of their gains during the afternoon session as European markets struggled to overcome recession fears but still managed to trade in the black."
"Selling in Power Grid, Titan Co., and NTPC kept the advances in the markets in check but buying in frontline stocks like Maruti Suzuki, Asian Paints, and Bharti Airtel helped confidence. As Prime Minister Modi predicted that the Indian economy will expand by 7.5% this year, traders felt optimistic. According to RBI data, the country's foreign exchange reserves nominally increased by $30.3 billion in the 2021–22 fiscal year, compared to a $99.2 billion increase in the FY2020–21, Solanki added.
"Buying in frontline stocks like Maruti Suzuki, Asian Paints, and Bharti Airtel helped confidence, but selling in Power Grid, Titan Co, and NTPC restrained market gains. The government anticipates the Indian economy to expand by 7.5% this year, Prime Minister Modi remarked, which gave traders hope. The RBI data that showed a nominal increase in the country's foreign exchange reserves of $30.3 billion in the fiscal year 2021–2022 compared to a $99.2 billion growth in the previous fiscal year, including the effects of valuation, provided additional support, according to Solanki.
Following comments from US Fed chair Jerome Powell about the necessity for additional rate hikes, Tokyo equities began higher on Thursday as investors assessed the risks of inflation and a recession. In early trading, the benchmark Nikkei 225 index increased by 0.22 percent, or 58.77 points, to reach 26,208.32, while the larger Topix index increased by 0.41 percent, or 7.62 points, to reach 1,860.27.
After tumultuous trading on Wednesday, the major Wall Street indexes ended with slight losses as investors processed Federal Reserve Chair Jerome Powell's remarks on the goal of the central bank to reduce inflation and the weight of energy shares. The Nasdaq Composite sank 16.22 points, or 0.15 percent, to 11,053.08 while the Dow Jones Industrial Average dropped 47.12 points, or 0.15 percent, to 30,483.13 and the S&P 500 dropped 4.9 points or 0.13 percent.