Among sectors, the broad-based rally was led by the Nifty Metal, Media, and PSU Bank indices which gained over 1 per cent each.
Indian equity markets rebounded on Thursday, snapping 3-day losing streak, as investors indulged in bargain buying. The S&P BSE Sensex added over 400 points to quote around 73,350 levels, cent, to 73,314 levels, while the Nifty50 was seen testing the 22,300 level.
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Power Grid, IndusInd Bank, Sun Pharma, Wipro, M&M, Tata Motors, Reliance Industries, ICICI Bank, and L&T were leading the benchmarks to positive zone.
In the broader markets, the BSE MidCap and Smallcap indices were outperforming the frontline indices as they climbed 0.8 per cent each.
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Among sectors, the broad-based rally was led by the Nifty Metal, Media, and PSU Bank indices which gained over 1 per cent each.
Dr. V K Vijayakumar, Geojit Financial, said: “The Iran-Israel tension in West Asia continues to weigh on stock markets globally. Until this uncertainty is out of the way, markets are unlikely to take a strong directional up move. Meanwhile the market is coming to terms with ‘higher-for-longer interest rate’ in the US since inflation continues to be sticky at lower levels. It seems that the market is reconciled to 2 rate cuts this year, that too backloaded. Since the US 10-year bond yield is hovering around 4.57%, more FII selling is likely, putting pressure on large-caps. This will provide opportunities to investors to slowly accumulate high quality largecaps where the margin of safety is high.”
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Global Cues
On Thursday, Australian shares staged a rebound, breaking a streak of five consecutive days of losses. The market was led higher by gains in mining and financial sectors, as investors analyzed a significant domestic jobs report to gauge the central bank’s monetary policy direction.
The S&P/ASX 200 index closed 0.5% higher at 7,642.1 points. The benchmark posted its first session of gains since April 10.
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Tokyo stocks recovered from earlier declines and closed higher on Thursday, as investors closely monitored developments in the Middle East. The benchmark Nikkei 225 index increased by 0.31%, or 117.90 points, to finish at 38,079.70, while the broader Topix index gained 0.54%, or 14.30 points, closing at 2,677.45.
On Wednesday, U.S. stocks experienced a decline in volatile trading as investors evaluated the Federal Reserve’s position on interest rates and sifted through a series of disappointing earnings reports at the start of the financial reporting season.
