mumbai, Nov 26
Equity benchmark Sensex rallied 432 points on Thursday, tracking gains in banking and financial stocks as the November series derivatives expired amid largely positive cues from global markets.After a volatile session, the 30-share BSE index ended 431.64 points or 0.98 per cent higher at 44,259.74.Similarly, the broader NSE Nifty surged 128.60 points or 1 per cent to 12,987.
Tata Steel was the top gainer in the Sensex pack, rising around 5 per cent, followed by Bajaj Finance, Bajaj Auto, HDFC, HCL Tech and Titan.On the other hand, Maruti, ONGC, IndusInd Bank and Tech Mahindra were among the laggards.Domestic equities witnessed sharp recovery led by sharp rebound in banking, financial services and insurance (BFSI) stocks and metals.BFSIs continued to be a key driving force for the market, said Binod Modi, Head- Strategy at Reliance Securities.”Improved prospects of earnings recovery in the backdrop of improvement in collection efficiencies, better outlook for credit costs and possibility of reversal of provisions due to resolution of select large accounts along with better valuations attracted investors in BFSIs,” he noted.Heavy buying sentiment was also seen as November derivative contracts expired, traders said.Elsewhere in Asia, bourses in Shanghai, Tokyo, Hong Kong and Seoul ended with significant gains.Stock exchanges in Europe, however, began of a tepid note.Meanwhile, Brent crude futures, the global oil benchmark, was trading 1.32 per cent higher at USD 47.89 per barrel.quity benchmark Sensex rose over 100 points in opening trade on Thursday, tracking gains in index-heavyweights HDFC twins, L&T and Reliance Industries amid largely positive cues from global markets and sustained foreign fund inflows.The 30-share BSE index was trading 120.03 points or 0.27 per cent higher at 43,948.13.Similarly, the broader NSE Nifty was 37.70 points or 0.29 per cent up at 12,896.10.Bajaj Auto was the top gainer in the Sensex pack, rising around 2 per cent, followed by M&M, L&T, HDFC, Bharti Airtel, Sun Pharma, UltraTech Cement, Titan and Tata Steel.On the other hand, IndusInd Bank, Infosys, Maruti and ONGC were among the laggards. In the previous session, Sensex slumped 694.92 points or 1.56 per cent to finish at 43,828.10. The index touched a lifetime high of 44,825.37 in the opening session. Nifty too touched a record intra-day peak of 13,145.85, before ending 196.75 points or 1.51 per cent down at 12,858.40.According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, Wednesday’s market correction indicates the vulnerability of markets at high levels and high valuations.
