Sensex recovers for 2nd straight day ends 609 pts higher, Nifty tops 22,500

The stock market remained bullish for the second consecutive day. Sensex closed at 74340 with a gain of 610 points and Nifty closed at 22544 with a gain of 207 points. Buying was seen in stocks like Reliance Industries, Tata Steel and Bajaj Finserv while Tech Mahindra and Kotak Mahindra Bank declined.

Global signals were positive, the market got support from Trump's tariff cut decision and weakness in the dollar index.

Nifty 50, Sensex extend gains to 2nd day

The Indian stock market saw a good rise on Thursday. Sensex regained the 74,000 level with a strong gain of 610 points. At the same time, Nifty also closed above 22,500.

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This was the second consecutive day when the market showed strength. The market got support from strong buying in Reliance Industries and fall in crude oil prices.

Sensex regained the 74,000 level with a strong gain of 610 points

Recovering from an early fall, the 30-share BSE Sensex closed 609.86 points, or 0.83%, higher at 74,340.09. During the day, it gained 660.57 points, or 0.89%, to hit a high of 74,390.80. On the other hand, the Nifty rose 207.40 points, or 0.93%, to close at 22,544.70.

During the day, it hit an intra-day high of 22,556.45, gaining 219.15 points, or 0.98%.

Top Sensex gainers were Asian Paints, NTPC, Reliance Industries, Tata Steel, Bajaj Finserv, Hindustan Unilever, Sun Pharma, Adani Ports & SEZ, Axis Bank, Tata Consultancy Services (TCS), Titan and Bajaj Finance.

At the same time, Tech Mahindra, Kotak Mahindra Bank, Zomato, Tata Motors and IndusInd Bank witnessed a decline.

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According to Vinod Nair, Head of Research, Geojit Financial Services, Indian markets showed strength, mainly due to positive global indicators. The market got support from Donald Trump's decision to reduce tariffs imposed on the automobile sector from Canada and Mexico and weakness in the dollar index.

Apart from this, the energy and metal sectors witnessed a boom due to economic stimulus from China and reduced demand for crude oil.

Indian markets showed strength

Buying was also seen in smallcap and midcap stocks. The BSE Smallcap index rose 1.63% and the Midcap index rose 0.65%. Talking about sectoral indices, energy, metal, oil and gas, commodities, utilities, services, power, healthcare, FMCG and industrial sectors rose. Telecom and real estate sectors declined. A total of 3,007 stocks rose on the BSE, while 989 stocks declined and the prices of 107 stocks remained unchanged.

BSE Smallcap index rose 1.63% and the Midcap index rose 0.65%.

In Asian markets, Tokyo, Shanghai, Hong Kong and Seoul closed with gains, while European markets saw a mixed trend. US markets closed on a positive note on Wednesday.

Global oil benchmark Brent crude rose 0.52% to $69.66 a barrel. Meanwhile, foreign institutional investors (FIIs) sold shares worth Rs 2,895.04 crore on Wednesday.

Summary

On Wednesday, the Sensex rose 740.30 points and closed at 73,730.23. At the same time, the Nifty closed at 22,337.30 with a gain of 254.65 points, breaking the market's streak of 10 consecutive days of decline.