Sensex ends 427 pts higher, Nifty above 16,100; consumer durables, metals top gainers

Benchmark indices ended higher on Thursday amid positive global cues. Sensex rose 427 points to 54,178 and Nifty ended 143 points higher at 16,132. Titan, Tata Steel, L&T, IndusInd Bank and M&M were the top Sensex gainers, rising up to 5.69 per cent. Dr Reddy's, Nestle India, Bharti Airtel and Reliance Industries were the top Sensex losers, falling up to 1.26 per cent.

BSE midcap and smallcap indices rose 265 points and 328 points, respectively.

Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, "A small positive candle was formed with a long lower shadow. Technically, this pattern indicates a continuation of up move post upside breakout of the crucial overhead resistance at 15,900 levels. After the upside breakout of the hurdle at 15,900 levels recently, the market is now advancing towards another hurdle of the previous opening downside gap of June 13 at 16,175 levels. Hence a sustainable move above 16,200 levels could open further sharp up move ahead. Immediate support is placed at 16,000 levels."

Consumer durables, banking and metal shares were the top sectoral gainers with their BSE indices rising 1,164 points, 667 points and 691 points, respectively. Market breadth was positive with 2,266 stocks ending higher against 1,022 stocks falling on BSE. 150 shares were unchanged.

Share Market update: Sensex reclaims 54K, Nifty above 16,100; Titan, Tata Steel top gainers

Market cap of BSE-listed firms rose to Rs 250.64 lakh crore today against Rs 248.36 lakh crore in the previous session.

Prashanth Tapse, Vice President (Research), Mehta Equities said, "Markets clung to solid gains as risk flow returned, with metals outshining the sectoral pack. The benchmark Nifty gained further ground joining the conga-line of firmer global stock across globe following a third straight positive day for Wall Street in overnight trade. The gains came on reports that China is planning $75 billion infrastructure fund to revive economy. Interestingly, the gains came despite unambiguous FOMC minutes as it clearly suggested the Fed will do whatever it takes to tame inflation. Technically speaking, if Nifty holds above its make-or-break supports at 15,789 mark then the inter-week trading theme could shift to 'Enthused Bulls and Arrested Bears."

The rupee fell 19 paise to close at 79.13 against the US dollar on Thursday as the hawkish stance of the US Federal Reserve increased the possibility of another aggressive rate hike this month.

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Foreign institutional investors (FIIs) remained net sellers in the capital market as they sold shares worth Rs 330 crore on Wednesday, as per exchange data.

In the previous session, benchmark indices rallied over 1 per cent amid foreign funds turning net buyers after a long gap and positive opening in European stock markets. Sensex climbed 616.62 points to end at 53,750.97 and Nifty gained 178.95 points to 15,989.80. BSE midcap and smallcap indices rose 386 points and 235 points, respectively.