The Indian benchmark indices closed the day over 1.75% higher. The rallying of the indices is majorly attributed to the gains recorded by the metal and banking stocks. The uncertainty in the US presidential election results has not influenced the markets, yet. The Indian markets neared their nine-month high today.
The S&P BSE Sensex closed the day at the 41,340.16 levels. It advanced by 724.02 points or 1.78%. The trend in the markets was such that all the thirty stocks that form the Sensex index closed the day in the green territory. The state-owned State Bank of India (SBI) emerged as the top gainer in the index. Its share price surged by 5.63% over the day.7
Tata Steel followed by adding 5.34% to its tally. IndusInd Bank, Bajaj Finance and Bajaj Finserv advanced by 5.32%, 4.95% and 4.02% respectively. The share price of the majors RIL, TCS and Infosys shot up by 2.18%, 1.28%, and 0.90% respectively. HDFC and ICICI Bank moved the least as their share price managed to a meagre 0.53% and 0.24% respectively.
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The NSE Nifty 50 closed the day by gaining 1.78% or 211.80 points. It folded Thursday at 12,120.30 points. Apart from Hero MotoCorp and HDFC Life Insurance Company Ltd were the only stocks to close the day in the red. Barring these two, the other forty-eight stocks that form the Nifty index closed in the favourable terrain.
Hindalco, SBI and IndusInd Bank drove the gains in the Nifty index. Their share price expanded by 6.15%, 5.63%, and 5.36% respectively. The Q2 numbers of the State Bank of India turned out to be a major factor resulting in the rallying of the markets on Thursday. India VIX, the volatility gauge, tanked 9.16% or 2.71 points to close at 26.86 points.
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Engineer by qualification, financial writer by choice. I am always open to learning new things.
