Stock Market India: Nifty up 0.5%
Indian shares rose on Thursday but lost some gains from earlier in the session as the mood turned sour on disappointing earnings from US large technology firms, offsetting positive market sentiment on hopes that major central banks were dialing back on their aggressive rate hike plans.
The BSE Sensex index ended 212.88 points or 0.36 per cent higher at 59,756.84, and the broader NSE Nifty index ended 80.60 points or 0.46 per cent higher at 17,736.95, returning from a holiday on Wednesday for Diwali celebrations.
Shrikant Chauhan, Head of Equity Research for Retail, said, “The trading session on the day of F&O close saw extreme volatility, but a sharp rally in metals, realty and oil and gas stocks kept the markets going in recent trade. Helped maintain that sense of bullshit.” In Kotak Securities.
“Investors are positive about India’s growth story, which is propelling the markets higher despite several constraints on the external front,” he added.
Both equity benchmarks had enjoyed a seven-day rally, including gains in the one-hour Muhurta trading window on Monday, marking the beginning of the Hindu Samvat year 2079, before falling on Tuesday.
This week, the Indian stock markets were closed on Wednesday and only open for a one-hour Muhurta trading session on Monday.
On Thursday, Asian markets benefited from speculation earlier in the session that major central banks were looking to ease their quick interest rate due to signs of a slowdown in the economy.
But the MSCI World Equity Index, which tracks stocks from 47 countries, was nearly flat and below Wednesday’s five-week high, as US tech giants including Microsoft and Alphabet posted weaker-than-expected profits overnight.
