The Sensex breaks a four-day losing streak, finishing 428 points higher, and the Nifty settles above
As significant purchasing developed in shares of energy, pharma, FMCG, and IT companies, major benchmark indices ended the day near their day's high, halting a four-day losing streak. The BSE Sensex increased 813 points from its low point for the day to close at 55,320. Its previous close was 428 points, or 0.78 percent, higher. On the NSE, the Nifty50 rose 122 points or 0.74 percent from yesterday's close to finishing. mid-and at 16,478, up from a low of 16,244 that it had reached earlier. The Nifty MidCap and SmallCap indices increased by a combined 0.5% in the larger markets.
The top large-cap gainers were Dr. Reddy's Labs, Reliance Industries, Bharti Airtel, Sun Pharma, Tech M, and Infosys, while the mid-and small-cap leaders were Oil India, Concor, IEX, Indraprastha Gas, PNB Housing, Suzlon, and CAMS.
NTPC, M&M, Ultratech Cement, HUL, and Asian Paints were among the top laggards in the financial and metals sectors, along with SBI, Bajaj Finance, HUL, and Tata Steel.
S Ranganathan, Head of Research at LKP Securities, stated: "Supply chain disruptions and rising inflation continue to apply pressure, hence street expressed caution ahead of the FOMC meeting despite known results. The street remained cautious due to worries that GOI CAPEX spending will slow down as a result of increasing subsidies notwithstanding the robust tax collections. While indices continued to rise by over a percentage, driven by a spike in the energy index, the broader markets saw refinery stocks take profits after a significant uptrend over the previous few weeks. Even while foreign outflows are still going strong, domestic flows have been structurally positive over the past few months.
On Wednesday, US stocks slumped as Treasury yields increased beyond the psychologically significant 3% mark and oil prices increased, fueling concerns about inflation and the future of interest rates. The S&P 500 lost 44.91 points, or 1.08 percent, to 4,115.77, the Nasdaq Composite dropped 88.96 points, or 0.73 percent, to 12,086.27, and the Dow Jones Industrial Average sank 269.24 points, or 0.81 percent, to 32,910.9.
On Thursday, Australian shares fell as banking firms saw their losses grow following the biggest increase in interest rates in 22 years, while Crown Resorts rose following the approval of Blackstone's acquisition of the casino operator. The 50-country MSCI world equity index, which measures shares, decreased by 0.56%. Other significant markets saw a 0.2% increase in the Nikkei 225 index of Japan to 28,298.39 and a 0.1% decline in S&P 500 E-mini futures.
Following a respectable winning streak and the overnight decline of US shares, Asian stocks largely traded lower. A surge in tech equities helped those trading higher. The MSCI index of Asia-Pacific shares ex-Japan fell by 0.22%.