Sensex Gains 427 pts; Nifty Ends Near 16,150; Titan Rises 6%

Stock Market Today: Bulls had firm control over benchmark indices for a second straight day on Thursday as falling commodity prices eased inflationary concerns. Vilatility index, India VIX, cooled off over 6 per cent on weekly F&O expiry day. Overall, the BSE Sensex jumped 427.5 point, or 0.8 per cent, to end at 54,178.5 levels, while the Nifty50 ended at 16,133, up 143 points or 0.89 per cent. Both the indices hit intra-day highs of 54,255 and 16,151, respectively.

Among stocks, Nykaa parent FSN E-Commerce Ventures gained 4 per cent after the beauty and fashion retailer announced its foray into men’s innerwear segment.

Dr. V K Vijayakumar, chief investment strategist at Geojit Financial Services, said: “The sharp correction in crude, commodities like metals, and the declining trend in edible oil indicate that inflation will come under control soon. Taking cues from these indicators the bulls have again turned buyers and the near-term structure of the market has turned clearly bullish now. The crash in commodities and RBI’s latest initiatives to increase foreign currency inflows have the potential to arrest further depreciation in rupee. This means FIIs are unlikely to sell more. This is positive for markets. Leading indicators like demand for housing, autos particularly passenger and commercial vehicles, certain discretionary items like jewellery, etc. reflect a robust economic recovery in India.”

Global Cues

Asian stocks mostly opened higher Thursday after minutes from a Federal Reserve meeting showed that US central bankers are determined to fight inflation despite recession worries. MSCI’s index of Asia-Pacific shares outside Japan was up by 0.20 per cent.

Wall Street put a seesaw day behind it to close higher on Wednesday, as investors digested new clues on the U.S. central bank’s approach to rate policy and its inflation fight detailed in the minutes from the latest Federal Reserve meeting. The Dow Jones Industrial Average rose 69.86 points, or 0.23 per cent, to 31,037.68, the S&P 500 gained 13.69 points, or 0.36 per cent, to 3,845.08 and the Nasdaq Composite added 39.61 points, or 0.35 per cent, to 11,361.85.

Read all the Latest News, Breaking News, watch Top Videos and Live TV here.