Markets rose on Thursday on sharp gains in auto stocks, while Titan Company hit record highs in the second quarter following signs of a strong recovery in demand. The S&P BSE Sensex closed 0.99 per cent higher at 59,775.55 and the NSE Nifty 50 index rose 0.97 per cent to 17,816.25.
In the previous session, benchmark indices fell 1 per cent after a sharp sell-off in global equities as sky-high oil prices raised inflation concerns.
However, on Thursday, most Asian markets rose, reflecting overnight gains on Wall Street, as US politicians appear closer to a deal to halt a loan default, while Russia reassessed Europe on gas supplies. and oil prices pulled back from multi-year highs, helping to calm down. Volatile global market.
Narendra Solanki, Head of Equity Research (Fundamentals), Anand Rathi Investment Services, said, “Global cues have improved – domestically things are looking with an unlock and we can expect the momentum to sustain when unless there are new domestic triggers.”
Domestic investors are now awaiting the outcome of the central bank’s policy meeting and another corporate earnings session that begins on Friday.
Titan Company rose 9.3 per cent on Thursday and was the top gainer on the benchmark index after the jewelery maker expected strong revenue growth in the second quarter.
The Nifty auto index rose 3.83 per cent to its highest in seven months, with all components of sub-index trading higher. Tata Motors led the pack with a jump of 9.4 per cent.
The Nifty realty index was the most advanced among the major sub-indexes, rising 4.81 per cent to an 11-year high. Real estate developer Shobha gained 13.25 per cent on the sub-index.
Reliance Industries shares rose 1.5 per cent as its retail arm inked a franchise agreement with US chain 7-Eleven Inc. to launch stores in India.