The benchmark indices extended their winning streak for the second consecutive day, settling nearly 0.5 per cent higher on Thursday on the expiry of December-series futures and options (F&O) contracts.
The S&P BSE Sensex
ended at 35,807, up 157 points or 0.44 per cent, while the broader Nifty50 index settled at 10,780, up 50 points or 0.47 per cent.
Among the sectoral indices, the Nifty
IT index rose 1.4 per cent led by Infosys and TCS. Nifty
FMCG index, too, rose, 1.3 per cent led by Marico and ITC.
The broader market indices, too, settled higher in line with the benchmark peers. The S&P BSE MidCap index rose 0.3 per cent to 15,218 level, while S&P BSE SmallCap index ended at 14,482, up 0.3 per cent.
Shares of select public sector undertaking (PSU) banks traded higher by up to 7% on the BSE in intra-day trade on hopes of central government’s bank recapitalisation announcement. Bank of Maharashtra, Central Bank of India, United Bank of India, UCO Bank, Corporation Bank and Dena Bank were up in the range of 2% to 7% on the National Stock Exchange (NSE).
The central government would release Rs 286.15 billion before the end of this month towards a fresh tranche of funds to recapitalise state-run banks, according to a source in the finance ministry.
Asian shares on Thursday rode a dramatic surge on Wall Street as markets, battered by a recent drum roll of deepening political and economic gloom, cheered upbeat US data and the Trump administration’s effort to shore up investor confidence.
In a buying frenzy as spectacular as the recent rout, US stocks soared with the Dow Jones Industrial Average rocketing more than 1,000 points for the first time on Wednesday. That helped push MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.6 per cent and away from eight-week lows.
Japan’s Nikkei managed to pull out of bear market territory it had entered on Tuesday, closing 3.9 per cent higher, while Australian shares jumped 1.9 per cent.
Oil prices fell more than 1 per cent on Thursday after rebounding 8 per cent in the previous session, as worries over a glut in crude supply and concerns over a faltering global economy pressured prices even as a stock market surge offered support.
Brent crude oil
was down 70 cents, or 1.3 per cent, at $53.77 a barrel. US light crude oil
was 50 cents lower at $45.72.
Oil prices reached multi-year highs in early October but have fallen almost 40 per cent since then and are now approaching their lowest levels for 18 months. Brent is heading for losses of almost 30 per cent this year while the US contract has dropped almost 25 per cent.
(with Reuters input)