The bulls extended the rally for the second consecutive day on Thursday as benchmarks gained more than half per cent in the closing trade. The broader Nifty50 closed above 16,100, while the 30-share Sensex added around 400 points to settle above 54,100.
Outperforming the benchmark indices, Nifty Midcap and Smallcap rose higher by 1.3% and 1.5% respectively.
On the sectoral front, FMCG witnessed some profit booking after outperforming the market in the past one week. However, all other Nity sectoral indices ended the day in the green. Nifty Metal and PSU Bank were top gainers, surging by almost four per cent in the closing hours.
“The penultimate day ahead of the earnings season witnessed buoyancy as bulls pressed the accelerator with the south-west monsoon lashing the financial capital,” said S Ranganathan, Head of Research at LKP securities. Financials led the rally with the market breadth showing a marked improvement as several stocks in the Small & Midcap space saw keen investor interest, he said. “Cooling Oil prices, coupled with the progress made by the monsoon has now set the stage for the first quarter earnings beginning tomorrow,” the expert added.
Meanwhile, Hindalco led the Nifty50 pack, while Titan gained the most on the Sensex. Besides, Tata Steel, JSW Steel, Tata Motors, L&T, IndusInd Bank and Mahindra & Mahindra surged in a positive market.
Dr Reddy’s, Nestle India, Cipla, Bharti Airtel, Hindustan Unilver and Bajaj Twins were among top losers on Thursday.