Sensex rallies 209 points, Nifty ends above 15,750; metals, PSU banks outperform benchmarks
Sensex ended 209 points or 0.40% higher at 52,653, while Nifty 50 settled at 15,778, up 69 points or 0.44%.
Domestic equity benchmarks snapped three-day losing streak on Thursday as fresh buying was seen across metal, realty and IT counters amid a positive trend in global markets. Sensex ended 209 points or 0.40% higher at 52,653, while Nifty 50 settled at 15,778, up 69 points or 0.44%.
“Global markets were on track to rebound after the panic sell-off surrounding Fed policy and Chinese tech crackdown cooled off. Despite the hawkish commentary from Fed, it did not signal a rush to taper the stimulus measure. China’s attempt to calm investor’s nerves also helped the market to take a breather. Meanwhile, metal stocks were sparked by the huge infrastructure fiscal package finalized in the US, in anticipation of high demand,” said Vinod Nair, Head of Research at Geojit Financial Services.
Gainers & losers
Top gainers and losers on Sensex for July 29, 2021
Sectoral strand
Sectoral indices on NSE ended mixed. Nifty Metal closing over 5% higher, was the top sectoral gainer followed by Nifty PSU Bank, up 3.25% and Nifty Realty, up 1.61%. Nifty IT and Nifty Bank indices added 1.39% and 0.46% respectively.
On the downside, the Nifty FMCG slipped over 1%, while Nifty Auto and Nifty Pharma lost 0.30-0.45%
Broader market
The broader market ended higher tracking gains in benchmark indices. BSE MidCap index rose 0.39% to 22,968 whereas the BSE SmallCap index settled at 26,603 rallying as much as 0.90%.
Bulls had an upper hand in today’s trade as 1,947 shares advanced on the BSE, compared to 1,243 declines, while 147 remained unchanged.
Global markets
European market and Asian stocks, both rallied across the board on Thursday, 29 July 2021 after the US Federal Reserve left its benchmark interest rate near zero. Meanwhile, shares in Hong Kong witnessed a rebound from a two-day slump earlier in the week.
Meanwhile, England scrapped its quarantine requirements for fully vaccinated EU and US visitors after 2 August 2021, offering a boost to European travel and airline stocks. However, France has been excluded.
US stocks slipped on Wednesday in listless trade after the Federal Reserve gave no clue about when it might start reducing its purchases of government bonds, even as it said the economic recovery is on track.