Domestic stock markets continued to rise for the third session in a row on Thursday. Strong macroeconomic data along with a boost in financial stocks on new RBI Governor Shaktikanta Das’ move to open up a dialogue with lenders pushed the markets higher. Bombay Stock Exchange (BSE) benchmark index Sensex closed at 35,929.64, up 150.57 points or 0.42 per cent from the previous close, and the Nifty50 index of the National Stock Exchange (NSE) rose 53.95 points or 0.50 per cent to end at 10,791.55. Most sectoral indices on the NSE finished the day in the positive terrain.
10 things to know about stock markets trading on Thursday:
- Twenty nine out of the 50 stocks on the Nifty closed in the positive zone, with Indiabulls Housing Finance (5.41 per cent) being the top gainer on the index. Other major gainers on the 50-scrip index were Grasim (+3.24 per cent), Bajaj Finserv (+3.18 per cent), Wipro (+2.71 per cent) and Maruti (+2.61 per cent).
- Seventeen out of 30 Sensex stocks finished the session higher. Wipro (+2.64 per cent), Infosys (+2.62 per cent), Kotak Bank (+2.56 per cent), Maruti (+2.18 per cent), Larsen & Tourbo (+1.77 per cent) and Tata Motors (+1.56 per cent) were the top advancers.
- “In anticipation of some firm measures to ease the credit squeeze by the new RBI Governor post his meeting with PSU bank chiefs, markets rallied in the morning but cooled off in the second half on some profit booking,” said Viral Berawala, CIO, Essel Mutual Fund. “Stocks with rural focus also gained momentum on expectations of some pro-rural announcements by the Central government,” he added.
- The RBI’s new governor, Shaktikanta Das, said that the banking sector would be his key focus area and more measures were needed to revive lenders.
- A recovery in the rupee and positive cues from other Asian markets too influenced investor sentiments on Thursday, traders were quoted as saying in a report by news agency Press Trust of India (PTI).
- The rupee rose by 33 paise to close at 71.68 against the dollar.
- Crude oil prices were steady, with the global benchmark, Brent futures, trading around the $60-per-barrel level.
- On the other hand, Yes Bank was the biggest loser on both the indices, settled more than 6 per cent lower after its board meet concluded. The bank said it has finalised a candidate for the chairman’s position and would be seeking approval from the RBI. The bank, however, did not disclose the candidate’s name.
- Earlier provisional data from the government released on Wednesday showed retail inflation rate, which includes food and energy prices, falling to 2.33 per cent on an annual basis in November, remaining below the Reserve Bank of India’s (RBI) medium-term target of 4 per cent for a fourth straight month,
- On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs. 1,299.43 crore on Wednesday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs. 1,121.29 crore, provisional data available with the BSE showed. (With inputs from agencies)