FINAL TRADE: Sensex surges 306.55 pts, Nifty settles at 19,765; IT stocks gain
Stock market today: The S&P BSE Sensex closed 306.55 points, or 0.47 per cent, higher at 65,982.48, and the NSE Nifty settled 89.75 points, or 0.46 per cent, higher at 19,765.2.
Stock market today: The domestic equity indices on Thursday, November 16, settled higher after recovering from early lows amid heavy buying in the information technology (IT) sector. Auto, pharma, realty, and oil & gas indices also supported the headline index. Globally, softer-than-expected US inflation data strengthened hopes of an end to the rate-hiking cycle in the world's largest economy.
The S&P BSE Sensex closed 306.55 points, or 0.47 per cent, higher at 65,982.48, and the NSE Nifty settled 89.75 points, or 0.46 per cent, higher at 19,765.2.
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"The Indian market continued its positive resurgence, tracking global gains. Softer-than-expected US inflation data and easing bond yields have led to optimism that spending will emerge, like in technology. Taking the cues further, IT stocks had shown a significant jump in the broader market," said Vinod Nair, Head of Research at Geojit Financial Services.
Nair added that the market is sensing that export-based sectors like IT and pharma could be future winners. A cut in inflation will also benefit domestic staples and the consumer sector.
Meanwhile, thirty-two stocks in the Nifty50 pack ended in positive territory, with Hero MotoCorp, Tech Mahindra, TCS, HCL Tech, and Infosys being the top gainers, rising between 2.45 and 3.34 per cent.
Conversely, Axis Bank, Coal India, Adani Enterprises, Tata Consumer Products, and ICICI Bank were the top losers, slipping in the range of 0.65 per cent and 1.47 per cent.
TCS, HCL Tech, and Tech Mahindra were the top stocks that supported the 30-scrip index Sensex.
While both the Nifty Mid Cap 100 and the Small Cap 100 ended in the green, on the sectoral front, the high-beta Nifty Bank ended flat with a negative bias at 44,161.55.
RateGain Travel Technologies shares were down over half a per cent after the company launched the qualified institutional placement (QIP) at a 5 per cent discount to the current market price.
CDSL shares were down over 1 per cent after the stock was included in the short-term ASM framework.
Conversely, Manappuram Finance shares extended a rally and ended over 6 per cent higher after a strong Q2 as well as several changes made in the senior management of the company.
Bajaj Finance shares rose nearly 2 per cent, recovering from the day's low after the Reserve Bank of India (RBI) asked NBFC to stop loan disbursal via two of the company's products.