Sensex Up 1047 Points, Nifty Ends Above 17,250 Led By Gains In Bank, Auto Stocks

The Indian equity benchmarks surged on Thursday on the back of a strong up move in global markets after the US Federal Reserve increased key interest rates by 25 basis points to keep inflation under check in the US

The BSE Sensex gained over 1,000 points to end at 57,863, while the NSE Nifty gained over 311.7 points to settle at 17,287. 

Barring Nifty IT, All the sectoral indices ended in the green with the auto index rose 2 per cent and the realty index was up 3 per cent each. BSE midcap & smallcap indices gained over a percent each.

HDFC was the biggest gainer among the Sensex 30 stocks, gaining over 5.5 per cent. Titan, Reliance, Maruti, Kotak Bank, Tata Steel were the other main gainers.

Stocks of the banking sector, financial services, consumer durables, and realty sector were witnessing strong buying interest throughout the day. 

The Nifty Midcap 50 Index was up 1.42 per cent at 8,035, whereas the Nifty Midcap 100 was up 1.38 per cent at 28,905. 

Amongst Nifty 50 shares, HDFC, Titan, JSW Steel, SBI Life, Kotak Bank, Tata Consumer Products, and Axis Bank were top gainers, while HCL Tech, Indian Oil Corporation, Cipla were the top losers. 

Asian Markets joined the rally on Wall Street after US Fed hiked interest rates by 25 basis points. China's assurance to support the economic growth in the backdrop of rising Covid 19 cases also supported bullish sentiment in Asian markets. 

Chinese Vice Premier Liu He signaled more stimulus to support markets on Wednesday sending Hang Seng up 5 per cent, Japan's Nikkei rose 3 per cent and South Korea's KOSPI advanced 1.7 per cent. 

The Fed, which has kept its rate near zero since the pandemic recession struck two years ago, also signaled potentially up to seven rate hikes this year.

The S&P500 rose 2.2 per cent, the Dow Jones Industrial Average gained 1.5 per cent and the Nasdaq composite climbed 3.8 per cent, its biggest gain since November 2020.