New Delhi [India], June 20 (ANI): The stock market ended in positive territory on Thursday after a tepid start, buoyed by gains in key sectors and a favourable global economic climate.
The BSE Sensex rose by 172.75 points, closing at 77,478.93, while the NSE Nifty edged up by 62.85 points to settle at 23,578.85.
The trading session began on a flat note but picked up momentum as the day progressed. Among the Nifty companies, 28 recorded gains while 21 saw declines, reflecting a broadly positive sentiment across the market.
The mid-cap and small-cap indices outperformed the large-cap stocks, indicating a broader market rally.
Leading the charge were companies like Hindalco, Grasim Industries, JSW Steel, Bharat Petroleum Corporation Limited (BPCL), and Adani Ports.
These firms experienced significant gains, contributing to the overall upward movement of the indices. Conversely, companies such as Hero MotoCorp, Mahindra & Mahindra (M&M), Sun Pharmaceutical, HDFC Life, and NTPC were among the top losers of the day.
The metals and energy sectors saw substantial gains, driven by a surge in demand and favourable international cues. Hindalco, a major aluminum and copper manufacturing company, saw its shares climb sharply due to robust quarterly earnings and a positive outlook for global commodity prices.
JSW Steel also witnessed a notable rise, benefiting from increased steel demand and favourable policy developments. BPCL’s shares surged on the back of lower crude oil prices and expectations of improved refining margins.
The Swiss National Bank’s decision to cut its reference rate for the second time provided a significant boost to European markets and U.S. futures. This dovish stance is expected to enhance liquidity in global markets, creating a more favourable environment for equities.
In Europe, the news was welcomed by investors, resulting in a rally across major indices. This positive sentiment spilled over into the Indian markets, contributing to the gains seen by financial and banking stocks. The Bank of England’s anticipated decision to maintain its current interest rate policy also added to the optimistic mood.
Ajay Bagga, market expert said, “The Swiss National Bank cut its reference rate for a second time today, leading to a boost of the European markets and in US futures. Indian markets were largely consolidating with banks and some index heavyweights rising while the broader indices performed better than the large caps.
He added, “Given this is the Budget consultations and preparation period , there are market moving news flows of possible budget measures . Bank of England is expected to hold rates steady at its meeting today.”
The Indian markets were largely in a consolidation phase, with banks and some heavyweight stocks providing support. Market participants were closely monitoring the ongoing budget consultations and preparations, with speculation rife about potential fiscal measures that could influence the market dynamics.
Banks and financial institutions were among the top performers, driven by expectations of favourable policy announcements in the upcoming budget.
The broader market outperformed the large-cap stocks, with mid-cap and small-cap indices showing robust gains. (ANI)
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