At the close of market hours, the Sensex was up 231.98 points or 0.64% at 36212.91, while the Nifty higher 53.00 points or 0.49% at 10855.20.
What a smart recovery that was by the bulls! Not only did they manage to pull benchmarks out of the negative zone, the rally ensured a strong close after Wednesday’s session.
The Sensex recovered over 350 points to close above 36,000-mark, while the Nifty recovered over a percent from the day’s low to close above 10,850-mark.
A rally among banks, automobile companies as well as consumption names aided sentiment on D-Street. Axis Bank, in the financials segment, led the gains for banking stocks.
The day began on a positive note, tracking global cues and trends on SGX Nifty. However, the market were off their highs by afternoon. Some selling among metals weighed on the market. By the penultimate hour, the markets had dived into the red. Following steady earnings from IndusInd Bank, the market staged a sharp recovery.
Closing Bell: Last hour rally helps Sensex close over 230 points higher, Nifty above 10,850
An evening walk down Dalal Street | Sensex gains 131 pts, Nifty ends above 10,800 on global cues
Closing Bell: Sensex ends 130 points higher, Nifty above 10,800; Sun Pharma up 4%
At the close of market hours, the Sensex was up 231.98 points or 0.64% at 36212.91, while the Nifty higher 53.00 points or 0.49% at 10855.20. The market breadth was negative as 1127 shares advanced, against a decline of 1439 shares, while 153 shares were unchanged.
Bharti Airtel, Axis Bank and ITC are the top gainers, while Yes Bank, Tata Steel, GAIL and HPCL lost the most.
"In the near term, we continue to remain cautiously optimistic on the Indian markets as we believe volatility and choppiness are likely to remain high. Domestically, investors’ focus would be on GST council meet scheduled tomorrow, announcement of companies’ Q3FY19 results and domestic Marco data (IIP, CPI & WPI), which are likely to dictate the trend of the market in the coming sessions. Global developments, behaviour of crude oil prices and fluctuation in currency would be closely monitored. We recommend investors to focus on value investing and traders to avoid risky leveraged positions," Jayant Manglik, President, Religare Broking said in a statement.
Stocks in the news
Private sector lender IndusInd Bank has reported a marginal 5 percent on year growth in the third quarter net profit at Rs 985 crore, dented by higher provisions mostly due to IL&FS exposure. It was ahead of estimates of Rs 811.3 crore by CNBC-TV18 poll, driven by other income, operating profit and NII. The bottomline in the same period last year stood at Rs 936.25 crore. The stock ended a percent higher.
Shares of HT Media, Jagran Prakashan and DB Corp rose 3-20 percent as investors cheered government hiking ad rates by 25 percent.
R Systems International shot up 10 percent ahead of board meeting to consider the proposal of share buyback next week.
Kridhan Infra shares rallied 4 percent after company's Singapore subsidiary Swee Hong Limited bagged order worth over Rs 160 crore.
Dilip Buildcon shares fell 5 percent after CRISIL downgraded its rating on company's long term bank facilities and NCD to A/Stable from A+/Stable.
Godrej Consumer Products shares dropped a percent after a fire incident took place in the premises of its Nigerian subsidiary.
Motherson Sumi Systems shares gained 2 percent as China is planning to provide fresh incentives to boost domestic consumption in auto and home appliances segments.
Share price of NMDC slipped 3 percent even as the as company board approved buyback of its shares.
Stocks in Europe were higher as US-China trade talks extended for a third day. Stoxx 600 was up by 0.6 percent with every sector in positive territory.
Asian markets gained ahead of US-China trade talk developments. Nikkei 225 advanced 1.1 percent to close at 20,427.06 while the Topix also gained 1.1 percent to finish its trading day at 1,535.11, with almost all sectors rising.