You are here: Home » Markets » News
Business Standard

Sensex rises 150 points, Nifty reclaims 9,650; SBI top gainer

In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices gained 0.4% each

SI Reporter  |  New Delhi 

Market, Nifty, Sensex

The benchmark indices rose higher on Thursday even as remained tentative after minutes from the Federal Reserve's last meeting showed a lack of consensus on the future pace of interest rate increases, while inched higher following the previous day's steep declines.

At 11:29 am, the S&P BSE was trading at 31,404, up 159 points, while the broader Nifty50 was ruling at 9,677, up 39 points. 

In the broader market, The BSE Smallcap index (up 1%)  hit a new high after a strong gain in pharmaceuticals, chemicals, auto ancillaries, public sector banks and real estate stocks. The BSE Midcap index was up 0.6%.

"The internal trendline that pierces through 9,640, did hold for most of the day, but downsides were limited and the bias was tilted on the positive side, pointing at the possibilities of a push higher today. Risk to downsides will increase if the index remains unable to float above 9,640 and on fall below 9,580," said brokerage Geojit Financial Services in a technical note.

Buzzing stocks

SBI was the top gainer on and and gained over 2% to Rs 281 on the BSE. 

Shriram EPC rallied over 9% to Rs 27 after the company on Wednesday said it has won a Rs 71-crore contract from the Arulmigu Dandayuthapani Temple, or Palani Temple, in Tamil Nadu to build a ropeway. 

Shankara Building Products (SBPL) was up 7% at Rs 968, extending its Wednesday’s 8% rally on BSE on the back of heavy volumes.

The stock of retailer of home improvement and building products is trading at its highest level since its listing on April 5, 2017. It has zoomed 110% against its initial public offer (IPO) price of Rs 460 per share. 

Fed minutes suggest inflation worries

Federal Reserve policymakers were increasingly split on the outlook for inflation and how it might affect the future pace of interest rate rises, according to the minutes of the Fed's last policy meeting on June 13-14 released on Wednesday.

"Most participants viewed the recent softness in these price data as largely reflecting idiosyncratic factors...however, several participants expressed concern that progress...might have slowed and that the recent softness in inflation might persist," the Fed said in the minutes.

are now awaiting US non-farm payrolls for June, due Friday, for more insight into Fed policy.

Crude oil halts 8-day gaining streak

On Wednesday, US crude tumbled by as much as 5.4%, snapping an eight day winning streak, the longest rally in over five years, as rising OPEC exports and a stronger dollar turned sentiment more bearish.

Brent crude futures had risen 18 cents, or 0.4%, to $47.97 per barrel. US West Texas Intermediate (WTI) crude futures were up 19 cents, or 0.4% at $45.32 per barrel.

Global markets

were trading cautiously. MSCI's broadest index of Asia-Pacific shares outside Japan was little changed early on Thursday.

Japan's Nikkei slipped 0.15%.

South Korea's KOSPI was flat, while Australian shares dropped 0.15%. 

Overnight on Wall Street, the Nasdaq closed up 0.7% as technology shares recovered, the S&P 500 was up 0.15% and the Dow Jones Industrial Average was flat.

(With inputs from Reuters)

RECOMMENDED FOR YOU