The market has made a smart recovery led by pharma and oil stocks. The Sensex is up 360.03 points or 1.4 percent at 26074.69 and the Nifty is up 115.50 points or 1.5 percent at 7907.35. About 1653 shares have advanced, 467 shares declined, and 61 shares are unchanged. HDFC, Vedanta, Lupin, Cipla and Tata Steel are top gainers while BHEL, Bajaj Auto, Hero MotoCorp, Coal India and TCS are among laggards. Brent crude climbed by more than USD 1 a barrel on Thursday on an unexpected fall in US crude inventories and a rally in global equity markets, but a stronger dollar capped gains. In other financial markets, a rebound on Wall Street helped soothe investors' tattered nerves, while the dollar rallied as risk aversion eased. Regaining confidence after a sharp rebound on Wall Street where investors had been hit by worries over China's faltering economy, London copper futures also strengthened on Thursday. Data released on Wednesday showed US non-defense capital goods orders excluding aircraft, which is a proxy for business investment, increased 2.2 percent in July, the biggest rise since June last year and handily beating expectations.
The market has maintained its strong uptrend following relief rally across global peers post temporary easing of nervousness in China. The Sensex gained 315.61 points or 1.23 percent at 26030.27 and the Nifty climbed 98.05 points or 1.26 percent to 7889.90, aided by banking & financials, healthcare, oil and metals stocks. The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 1.6-1.9 percent. About four shares advanced for every share declining on the Bombay Stock Exchange. Vedanta and Cairn India topped the buying list on Sensex, up 6-7 percent followed by HDFC, Infosys, Lupin and Tata Steel with 2.5-3 percent. ICICI Bank, Reliance Industries, SBI, Sun Pharma, Axis Bank and ONGC climbed 1.5-2 percent. However, Tata Motors, BHEL and Bajaj Auto saw selling pressure, down 1.6-3.5 percent.
The market has maintained its strong uptrend following relief rally across global peers post temporary easing of nervousness in China. The Sensex gained 315.61 points or 1.23 percent at 26030.27 and the Nifty climbed 98.05 points or 1.26 percent to 7889.90, aided by banking & financials, healthcare, oil and metals stocks. The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 1.6-1.9 percent. About four shares advanced for every share declining on the Bombay Stock Exchange. Vedanta and Cairn India topped the buying list on Sensex, up 6-7 percent followed by HDFC, Infosys, Lupin and Tata Steel with 2.5-3 percent. ICICI Bank, Reliance Industries, SBI, Sun Pharma, Axis Bank and ONGC climbed 1.5-2 percent. However, Tata Motors, BHEL and Bajaj Auto saw selling pressure, down 1.6-3.5 percent.
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