Sensex jumps 437 points after 2-day decline; Nifty reclaims 16,600-level

Benchmarks bounced back on Thursday after a two-day fall, with the Sensex jumping 437 points amid heavy buying in index heavyweight Reliance Industries and positive trends from European markets.

The 30-share BSE Sensex jumped 436.94 points or 0.79% to settle at 55,818.11. During the day, it gained 510.75 points or 0.92% to 55,891.92.

The broader NSE Nifty climbed 105.25 points or 0.64% to finish at 16,628.

From the Sensex pack, Reliance Industries, Bajaj Finserv, Sun Pharma, HCL Technologies, TCS, Asian Paints, Infosys and IndusInd Bank were among the major gainers.

In contrast, HDFC, Hindustan Unilever, PowerGrid and HDFC Bank were among the biggest laggards.

“High-frequency data like GST collection and PMI have shown a good start to FY23. Crude prices have declined providing an edge to the performance of the Indian market.”

“However, a lot will depend on central bank’s policy in India and US, which will be announced in the next two weeks,” said Vinod Nair, Head of Research at Geojit Financial Services.

Elsewhere in Asia, markets in Tokyo, Hong Kong and Seoul ended lower, while Shanghai remained in the green.

Markets in Europe were trading with gains during the afternoon trade.

Stock markets in the U.S. had ended lower on Wednesday.

Meanwhile, international oil benchmark Brent crude declined 2.21% to $113.7 per barrel.

Foreign institutional investors offloaded shares worth a net ₹1,930.16 crore on Wednesday, according to stock exchange data.