Mumbai, May 14 (IANS) Indian equity markets ended in the green for a second consecutive session on Thursday, with benchmark indices surging over 1 per cent each amid buying in pharmaceuticals, healthcare, metal and banking stocks and expectations of policy measures to address currency volatility.
Sensex closed at 75,398.72, rising 789.74 points or 1.06 per cent, while Nifty settled 277 points or 1.18 per cent higher at 23,689.60. During intraday trade, the benchmarks jumped as much as 1.43 per cent or 1,073 points to 75,681.88 and 1.55 per cent or 364 points to 23,777.20, respectively.
At the day’s low, the 30-share index touched 74,526.77, down 0.11 per cent or 82 points from the previous close, while the Nifty hit 23,426.55, up 0.05 per cent or 14 points.
Sector-wise, Nifty Pharma was the top gainer, rising 2.74 per cent, followed by the Nifty Healthcare Index, which advanced 2.56 per cent. The Nifty Metal index also climbed 2.04 per cent.
Banking counters also moved higher, with the Nifty PSU Bank index rising 1.37 per cent and the Nifty Private Bank index gaining 1.16 per cent.
On the other hand, Nifty IT was the top sectoral laggard, declining 2 per cent amid selling pressure in technology stocks. Key IT counters, including HCL Tech, Infosys, Tata Consultancy Services (TCS) and Tech Mahindra, witnessed losses during the session.
According to market experts, domestic stock markets staged a recovery from intraday lows and ended higher despite weakness in the rupee and elevated crude oil prices.
They added that investor sentiment was supported by expectations of possible policy measures to address currency volatility, including steps such as easing tax treatment on bonds for foreign investors and tightening of the Liberalised Remittance Scheme to curb capital outflows.
Experts further noted that sentiment was also aided by global cues, including optimism following the Trump–Xi meeting, which raised hopes of improved economic cooperation.
On the sectoral front, they said buying interest in pharma and healthcare was driven by rotation into defensive pockets, while metals gained support from firm global prices and improving demand outlook from China.
However, IT stocks remained under pressure and extended losses during the session, they added.
In addition, rupee traded highly volatile as the currency initially weakened towards 95.95, but later recovered sharply towards 95.60 following reports of a proposal to reduce taxes for foreign investors in an attempt to support capital inflows and stabilise the rupee.
–IANS
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