stock market analysis: Market Watch: D-Street bulls continue run for 2nd straight day | The Economic Times Podcast

Bulls continued to dominate Dalal Street on Thursday, thanks to the in-line rate hike of 75 basis points by the Federal Reserve. Hopes that the Fed may go slow on rate hikes sent domestic stocks soaring amid the monthly expiry.

The 30-share pack Sensex jumped about 1,050 points to close above 56,850 mark. Its NSE counterpart, Nifty50 gained about 290 points to settle at 16,930 level. Broader markets underperformed the headline peers but both midcap and smallcap indices settled in a per cent higher.

Sensex was less than 100 points away from the 57,000 mark during the session. Investors added more than Rs 3.38 lakh crore to their kitty as BSE m-cap scaled 263 lakh crore mark.

Among the sectoral pack, all sectors settled with decent gains. The Nifty IT index gained 3 per cent, whereas financial services and realty indices jumped over 2 per cent each. Private lenders and metal stocks also saw some strong action.

On Sensex, 25 shares settled with gains, whereas the remaining five ended in the red. Bajaj Finance and Bajaj Finserv stole the show after Q1 results and corporate announcements. Both the stocks gained over 10 per cent each. Tata Steel, Kotak Mahindra Bank and IndusInd Bank were the other key gainers.

Among the losers, Bharti Airtel, Ultratech Cement and Dr Reddy’s Labs dropped a per cent each on Thursday. ITC and Sun Pharma were the remaining two.

Spicejet hit new 52-week lows after aviation regulator DGCA directed the company to operate only 50 per cent of approved flights for 8 weeks. VIP Industries tumbled 6 per cent after Q1 earnings.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said that Indian benchmark indices outperformed their Asian peers on the last day of the current month expiry, as there was no surprise in the rate hike decision by the US Federal Reserve which came on expected lines, fuelling a rally in the US markets.

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