For the second straight day, advances in metal, consumer durables, and bank stocks drove up Indian equity indices on Thursday. On the strength of encouraging global cues, the domestic indices have mounted a significant recovery in two consecutive sessions.
The 30-share BSE Sensex rose by 427 points or 0.80% to end the day at 54,178, while the NSE Nifty gained 143 points or 0.89% to end the day at 16,133. Mid- and small-cap equities ended the day strongly, with the Nifty Midcap 100 up 1.35 percent and small-capitalization shares up 1.57%.
The NSE's 15 sector gauges finished in green. The NSE platform was outperformed by the sub-indices Nifty Metal, Nifty Consumer Durables, and Nifty Bank, which saw increases of up to 3.79%, 2.64%, and 1.74%, respectively. Nifty FMCG, on the other hand, showed some weakness by dropping as much as 0.8%.
As news of Boris Johnson's potential departure as British Prime Minister spread, U.K. markets rose. In line with the strong trend in U.S. stock futures, European markets also rose sharply. Asian stocks rose as well, boosting investor confidence in domestic markets.
Crude oil futures today managed to hover on either side of USD100 per barrel was also very key factor in maintaining the upbeat national trend. Brent crude had plunged more than 9 percent on Tuesday, soothing some inflation-related concerns.