Indian shares saw a broad-based rally to extend gains for a second day running on Thursday, as falling commodity prices and better-than-expected earnings guidance from Samsung Electronics for the second quarter helped assuage investor concerns about rising inflation.
The benchmark S&P BSE Sensex rallied 427.49 points, or 0.80 percent, to 54,178.46, while the broader NSE Nifty index ended up 143.10 points, or 0.89 percent, at 16,132.90.
Commodity-related stocks led the surge, with JSW Steel, Tata Steel and Hindalco climbing 4-7 percent, tracking a rise in Chinese iron ore futures.
Titan Company soared 5.8 percent after its first-quarter sales jumped by 205 percent year-on-year.
Automaker Tata Motors gained 3.7 percent after authorities in China vowed to support auto consumption.
BHEL advanced 2.4 percent after it successfully commissioned a 100-MW floating Solar PV plant in Telangana.
On the flip side, Hindustan Unilever, Bharti Airtel, Cipla, Nestle India and Dr Reddy’s Laboratories all fell around 1 percent.
The rupee was under pressure despite the Reserve Bank of India announcing various measures to increase forex inflows in a bid to check the currency’s slide.
Oil prices recovered some lost ground after seeing heavy losses in the previous two sessions on recession worries.
Sensex Gains 427 Points; Nifty Tops 16,100
2022-07-07 10:51:45
