Stock Market Snaps 4-Day Losing Run: Sensex Gains 160 Points, Nifty Closes Above 18,600. PSBs Lead

Stock Market Snaps 4-Day Losing Run: Sensex Gains 160 Points, Nifty Closes Above 18,600. PSBs Lead

Sensex and Nifty, the two key equity benchmarks, on Thursday snapped their 4-day losing streak as the Bharatiya Janata Party (BJP) posted a thumping victory in Gujarat. The two domestic indices, which started trade amid volatility in the morning, closed in the green amid tepid global trends, coupled with weekly F&O expiry back home that kept investors on their toes.

The BSE Sensex settled 160 points higher at 62,570, while the broader NSE Nifty closed at 18,609, up 49 points. During intraday, the Sensex oscillated in a range of 313 points as it hit a high of 62,633 and a low of 62,320.

On the 30-share Sensex platform, Axis Bank was the lead gainer, up 2.71 per cent. The other winners are IndusInd Bank, L&T, ICICI Bank, Infosys, SBI, Bajaj Fiserv, M&M, HDFC Bank, Tata Steel, Maruti, HDFC, and UltraCemco. On the flip side, Sun Pharma, PowerGrid, TCS, Kotak Bank, Wipro, Bajaj Finance, Reliance, and others emerged losers.

#ABPLiveStockMarketWatch | Snapping 4-day losing streak, Indian equity benchmarks closed in Green on Thursday.At 03:30 PM, #Sensex gains 160 points to 62,570 & #Nifty gains 49 points to close at 18,609Here’s a look at the stocks in focus:#ClosingBell #ABPLive #MarketWatch

— ABP LIVE (@abplive) December 8, 2022

In the broader market, the Nifty MidCap 100 and SmallCap 100 outran the benchmarks as they gained 0.6 per cent and 0.3 per cent, respectively.

Sectorwise, the Nifty PSU Bank index’s surge remained unabated as it advanced nearly 4 per cent on Thursday. Individually, Punjab and Sind Bank (PSB), Bank of India, Bank of Baroda, Central Bank of India, Indian Overseas Bank, and UCO Bank gained between 6 per cent and 15 per cent.

The Nifty Bank index, which settled 1.2 per cent higher, hit a record high of 43,634 in the intra-day trade today. On the downside, the Nifty Pharma index slipped over 1 per cent, while the Nifty Realty dipped 0.7 per cent.

The rupee consolidated in a narrow range and settled 3 paise higher at 82.44 (provisional) against the US dollar on Thursday, supported by positive domestic equities.

In the previous session on Thursday, the 30-share BSE Sensex advanced 160 points (0.26 per cent) to end at 62,571, while the broader NSE Nifty gained 49 points (0.26 per cent) to 18,609.

Global oil benchmark Brent crude futures rose 0.63 per cent to $77.66 per barrel.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 1,241.87 crore, according to exchange data.

Meanwhile, at the interbank foreign exchange market, the local unit opened at 82.34 and touched an intra-day high of 82.26 and a low of 82.47 against the greenback. It finally settled at 82.44, registering a rise of 3 paise over its previous close of 82.47.

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