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Sensex rises 599 points on positive cues from global equities

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Mumbai (Maharashtra) | May 5, 2022 1:24:37 PM IST
The Indian stock markets' key indices, Sensex and Nifty, were trading with gains of over one per cent in the early afternoon session on Thursday, led by strong buying support in metal, IT and banking stocks as lower than expected rate hikes by the US Federal Reserve boosted investors' sentiments globally.

The 30 stock S&P BSE Sensex was trading 599.2 points or 1.08 per cent higher at 56,268.23 points at 12.21 pm against its previous day's close at 55,669.03 points.

Earlier, the Sensex opened in the positive at 56,255.07 points and surged to a high of 56,566.80 points in the morning trade.

The Sensex has rallied on positive cues from the global equities markets. The markets have rallied globally after the US Federal Reserve hiked key interest rates by 0.50 per cent, lower than 0.75 per cent feared by investors globally.

The Indian equities markets have rallied a day after huge slump. The benchmark Sensex had dipped 1306.96 points or 2.29 per cent on Wednesday after the after the Reserve Bank of India (RBI) made a surprise announcement to hike policy repo rate by 0.40 per cent.

This is the first increase in policy repo rate since May 2020 marking a reversal of the RBI's monetary policy stance.

The RBI's action had led to a huge selloff in the Indian equities on Wednesday. However, the key indices recovered on Thursday on value-buying amid positive cues from the global equities.

Reversing three consecutive sessions of losses, the broader Nifty 50 of the National Stock Exchange was trading 182.20 points or 1.09 per cent higher at 16,859.80 points against its previous day's close at 16,677.60 points.

The Nifty 50 had lost 391.50 points or 2.29 per cent on Wednesday.

There was strong buying support in metal, IT and banking stocks. Tata Steel surged 3.64 per cent to Rs 1307.40. Infosys rallied 3.19 per cent to Rs 1585. Tech Mahindra jumped 2.59 per cent to Rs 1245.60. State Bank of India rallied 2.24 per cent to Rs 490.35.

Only five of the 30 scrips that are part of the benchmark Sensex were trading in the red. Nestle India slumped 1.56 per cent to Rs 17816.25. IndusInd Bank, Reliance Industries, Titan and UltraTech Cement were trading in the red. (ANI)

 
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