Sensex rallies 515 pts to reclaim 59,000-mark; IT, finance stocks shine

Equity benchmark Sensex rallied 515 points on August 11, 2022 to reclaim the 59,000-level, propelled by heavy buying in IT, banking and financial stocks amid sustained foreign fund inflows.

The 30-share BSE index ended 515.31 points higher at 59,332.60. Similarly, the broader NSE Nifty gained 124.25 points to close at 17,659.

Axis Bank was the top gainer in the Sensex pack, climbing 2.75%, followed by Bajaj Finance, HDFC, Tech Mahindra, Wipro, SBI, TCS and IndusInd Bank.

On the other hand, ITC, NTPC, HUL, Bharti Airtel, Maruti and Nestle India were among the laggards, sliding as much as 1.56%.

Elsewhere in Asia, bourses in Hong Kong, Shanghai and Seoul ended with significant gains, while Tokyo closed in the red. Equities in Europe were trading on a negative note in mid-session deals.

The rally in the domestic markets was supported by a firm trend in global equities, especially the U.S. gauges and a subsequent rally in Asian indices, traders said.

Wall Street rose sharply on Wednesday after US data showed that inflation eased more than expected in July, indicating that the Fed might be less aggressive in hiking interest rates.

Foreign institutional investors (FIIs) were net buyers in the Indian capital market as they purchased shares worth Rs 1,061.88 crore on Wednesday, as per exchange data.

Meanwhile, the international oil benchmark Brent crude was trading 0.92 per cent higher at $98.30 per barrel.