The domestic stock markets started Thursday’s session with strong momentum. The market was supported by good buying in auto and metal stocks. The weakness in crude oil prices and strong global cues also had a good impact on the market.
Tension has come down between the US and China over the trade war. The softening of SEBI’s KYC rules has increased the interest of foreign investors to return to the Indian market. Apart from this, there has been an improvement in the jobs figures at the domestic level.
The BSE Sensex gained 396 points or 1.03 percent to close at 39,990. At the same time, the Nifty 50 index ended the day at 11,573, up 133 points or 1.22 percent. The midcap index showed a rise of one percent and the smallcap index by half a percent.
On Thursday, only the Nifty IT index declined. Only four stocks gained on the IT index. All pharma stocks disappointed. The metal index jumped four percent. Auto, realty and media index also rose by two to two and a half percent. Only two stocks disappointed on the metal index. Shares of Godrej Properties jumped 8.5 percent on the realty index. Dish TV shares rose 5 percent on the media index. Only MRF shares declined on the auto index.
Shares of 37 companies hit their 52-week high during the session on Thursday. The names of Offal India, Berger Paints, City Union Bank, ICICI Bank, Kotak Mahindra Bank, PVR, Tret and Whirlpool of India were included.
In contrast, shares of 72 companies, including Adlabs Entertainment, Alok Industries, Cipla, Cipla, Corporation Bank, Quality, Indian Bank, Provogue India, Suzlon Energy, UCO Bank, Unitech and Yes Bank, slipped to their 52-week lows.