Equity benchmark Sensex rose 515 points to retake the 59,000-level on Thursday, driven by strong purchasing in IT, banking, and financial firms amid persistent foreign fund inflows.
The 30-share BSE index closed 515.31 points higher at t 59,332.60, While the broader NSE Nifty rose 124.25 points to finish at 17,659 points.
With a gain of 2.75%, Axis Bank led the pack of gainers on the Sensex, followed by Bajaj Finance, HDFC, Tech Mahindra, Wipro, SBI, TCS, and IndusInd Bank. On the other hand, ITC, NTPC, HUL, Bharti Airtel, Maruti, and Nestle India, were among the losers, falling as high as 1.56%.
At International markets,Tokyo's stock exchange closed in the red, while those in Hong Kong, Shanghai, and Seoul made huge gains. In mid-session trades, European stocks were performing poorly.
According to dealers, the uptick in domestic markets was supported by a strong trend in global equities, particularly the U.S. gauges and a subsequent uptick in Asian indices.
After US data revealed that inflation declined more than anticipated in July, Wall Street surged on Wednesday. This suggests that the Fed may be less proactive in raising interest rates.
According to exchange data, foreign institutional investors (FIIs) were net purchasers on the Indian stock market on Wednesday, buying shares worth Rs 1,061.88 crore. The price of Brent crude, the international standard for crude oil, was up 0.92 percent at $98.30 a barrel.