Sensex surges 1047 points; HDFC, RIL, Titan shine

Mumbai (Maharashtra) : The Indian equities markets key indices, Sensex and Nifty, surged by nearly two per cent on Thursday led by a strong buying support in infra, energy and financial stocks as the US Federal Reserve hiked interest rate by 0.25 per cent on the expected lines.

The 30 stock S&P BSE Sensex closed 1047.28 points or 1.84 per cent higher at 57,863.93 points against its previous day’s close at 56,816.65 points.

Earlier, the benchmark Sensex started the day on a bullish note at 57,620.28 points and surged to a high of 58,095.84 points in the intra-day.

This is the second consecutive day of a strong rally in the Indian stock markets. The Sensex had gained 1039.80 points or 1.86 per cent on Wednesday.

The broader Nifty 50 of the National Stock Exchange soared 311.70 points or 1.84 per cent to 17,287.05 points against its previous day’s close at 16,975.35 points. The Nifty had gained 312.35 points or 1.87 per cent on Wednesday.

The Indian equities markets have rallied despite the rate hike by the US Fed. The US Federal Reserve on Wednesday hiked the interest rate by 25 basis points or 0.25 per cent. This is the first rate hike by the US Fed since December 2018. Analysts said the 25 basis points hike in interest rate by the US Fed was largely priced in by the market.

HDFC soared 5.50 per cent to Rs 2414.25. Titan surged 4.50 per cent to Rs 2703.25. Kotak Bank surged 3.29 per cent to Rs 1819.25. The index heavyweight Reliance Industries surged 3.18 per cent to Rs 2479.65. Asian Paints and Tata Steel also gained more than three per cent.

There was across-the-board buying support. Only two of the 30 scrips that are part of the benchmark Sensex close in the red. Infosys fell 1.81 per cent. HCL Technologies fell 0.23 per cent.