Sensex up 490 points, Nifty settles above 21,650; Sobha, Bajaj Finance surge up to 16%

Domestic equity markets snapped the two-day losing streak on Thursday and posted decent gains. Headline indices opened higher for the day session and managed to push the gains even higher as the day progressed, bucking the muted global cues. However, realty and financials were standout performers.

For the day, BSE's Sensex advanced 490.97 points, or 0.69 per cent, to settle at 71,847.57. NSE's Nifty50 surged 141.25 points, or 0.66 per cent, to end the day at 21,658.60. Broader markets outperformed the headline peers as BSE midcap index jumped 1.5 per cent, while the BSE smallcap index gained over a per cent. Fear gauge tumbled more than 5.3 per cent to 13.33-mark.

Markets rebounded swiftly and gained over half a percent, taking a breather after two days of decline. Nifty opened with an uptick despite the weak global cues and inched gradually higher as the day progressed, said Ajit Mishra, SVP - Technical Research at Religare Broking.

"Feeble global cues combined with mixed trends across heavyweights are pointing towards further consolidation in the index. Traders should continue with a stock-specific trading approach, with a focus on overnight risk management," he added.

All the sectoral indices managed to post gains for the day. The Nifty realty index was the standout performer, soaring more than 6.75 per cent. The Nifty financial services, private bank and PSU bank indices gained more than a per cent each. The Nifty FMCG and healthcare indices were other key gainers for the day.

In the NIfty50 pack, Bajaj Finance rose 4.25 per cent, leading the gainers among the blue-chips. Tata Consumer and NTPC shares jumped over 3.5 per cent, while the ONGC was up 3 per cent for the day. Among the laggards, Dr Reddy's Laboratories and Bharat Petroleum Corporation shed more than 1.5 per cent each, while LTIMindTree, HCL Technologies and Hero MotoCorp shed a per cent each.

Market bounced back after the last two negative trading days led by strong monthly business updates of leading banks, emphasizing robust credit growth, said Vinod Nair, Head of Research, Geojit Financial Services.

"The realty sector was the highest gainer in anticipation of robust demand in the residential category, which was supported by healthy housing loans disbursement data announced by banks. The Asian market engaged in profit-booking as Fed minutes indicated that rates will be put on-hold in the near-term," he said.

A total of 3,941 shares were traded on BSE on Thursday, of which 2,575 settled with gains. 1,260 stocks ended the session with cuts while 106 shares remained unchanged. During the day, 503 shares hit their upper circuit, whereas 121 shares tested the lower circuit levels for the day.

In the broader markets, Steel Exchange India surged 20 per cent, while Reliance Power rose over 19 per cent. Sobha rallied more than 16 per cent, while Sat Industries, Oswal Greentech, Puravankara rose 13 per cent each. Among the laggards, Shanthi Gears slipped about 8 per cent, while Nagarjuna Fertilizers & Chemicals dropped 5 per cent for the day.

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