Indian equity benchmarks closed in green for a second consecutive day on Thursday as India VIX declined over 11 per cent
Mumbai: Stock markets rallied for the second straight day on Thursday with the benchmark Sensex jumping nearly 693 points on easing political worries as the ruling NDA set in motion its government formation efforts.
Regaining the 75,000 level, the 30-share BSE Sensex jumped 692.27 points or 0.93 per cent to settle at more than week high of 75,074.51. During the day, the barometer soared 915.49 points or 1.23 per cent to 75,297.73.
The NSE Nifty climbed 201.05 points or 0.89 per cent to 22,821.40 with 38 of its constituents ending with gains. Intra-day, it rallied 289.8 points or 1.28 per cent to 22,910.15.
Indian equity benchmarks closed in green for a second consecutive day on Thursday as India VIX declined over 11 per cent.
India VIX or fear index is an indicator that showcases market volatility.
Sensex was up 692 points or 0.93 per cent, at 75,074 and Nifty was up 201 points or 0.89 per cent, at 22,821.
Midcap and smallcap stocks performed better compared to largecap. The Nifty midcap 100 was up 1,147 points or 2.24 per cent, at 52,413 and the Nifty smallcap 100 was up 536 points or 3.29 per cent, at 16,826.
Among the sectors, IT, metal, PSU bank, realty, media and energy were major gainers. However, pharma, FMCG, and private bank were laggards.
In the Sensex pack, 22 out of 30 stocks closed in the green.
Tech Mahindra, HCL Tech, SBI, ATPC, Infosys, L&T, and TCS were the top gainers. HUL, Asian Paints, M&M, Nestle, IndusInd Bank, and Sun Pharma were the top losers.
There has been a tremendous rise in global markets due to the possibility of cutting interest rates by the US Fed in America.
According to Vaibhav Vidwani, Research Analyst, Bonanza Portfolio: “India’s stock markets have seemingly shrugged off the shock of the election results – overcoming early concerns of the Bharatiya Janata Party failing to secure a majority on its own – and have rebounded on renewed confidence in the continuation of the National Democratic Alliance coalition government.”
“This is evident from the sharp rise in the benchmark indices after the 6 per cent fall of June 4, when the votes were counted. The NSE Nifty 50 jumped as much as 3.4 per cent on June 5, and extended gains by another 1.2 per cent on June 6, topping 22,900 points intraday,” Vidwani added.