NEW DELHI: A day after suffering losses of nearly 1 per cent, domestic equity benchmarks Sensex and Nifty broke away from the negative territory on gains in IT, bank, financial, telecom, pharma and metal stocks amid mixed global cues.
Surging oil prices and falling rupee remained an overhand, as investors opted for value-buying, mostly in largecaps.
The Sensex surged 318 points, or 0.93 per cent, to finish at 34,663, while Nifty50 climbed 84 points, or 0.80 per cent to rest at 10,514.
In the Nifty pack, 34 stocks advanced and 16 declined, while in Sensex 24 remained in the green and 7 in the red.
“Today's sharp rebound in Nifty was bit of surprise especially after the Wednesday's fall and that caught bears completely off-guard. However, it's too early to call this bounce as reversal and thus advise waiting for confirmation before jumping into a trade. Private banks, IT and FMCG counters should be preferred for buying while further recovery in PSU banks and metal would attract fresh shorts,” said Jayant Manglik, President, Religare Broking.
Midcap and smallcap stocks didnt participate in the rally today. The BSE Midcap and smallcap index settled 0.24 per cent and 0.14 per cent lower, respectively.
Among the Sensex gainers, Bharti Airtel emerged as the top winner. The scrip rose over 4 per cent after a Trai report suggested that the company saw an increase in its subscriber base in the month of March.
Infosys and Tata Consultancy Services were up next among the Sensex gainers. Recent fall in the rupee against the US dollar has given a boost to many IT stocks. HCL Tech, Tech Mahindra, Mindtree and Wipro also closed Thursday's session with gains.
Shares of auto major Tata Motors plummeted after it reported on Wednesday a 49.20 per cent YoY drop in consolidated profit at Rs 2,176.16 crore for the March quarter.
Shares of ONGC succumbed to fears of a windfall tax that the government may impose on it, in order to moderate surging fuel prices.
Oil & gas major GAIL tanked 5.06 per cent on BSE on less-than-expected March quarter earnings. It reported nearly fourfold jump in net profit at Rs 1,021 crore for March quarter, which was lower than Rs 1,262 crore analysts had estimated in an ET Now poll.
Vedanta settled almost 1 per cent down as the Madras High Court ordered the group to halt construction at its Thoothukudi plant amid growing unrest.
Meanwhile, Sun Pharma clocked up a gain of 2.23 per cent after it received approval from the US health regulator for YONSA, used for the treatment of a form of prostate cancer.
Among the sectors on BSE, IT, telecom and teck closed with gains of over 2 per cent. Oil & gas, utilities and auto indices suffered losses of over 1 per cent.
Most auto stocks suffered losses on Thursday after the US President Donald Trump ordered a probe into whether import of automobiles and auto parts threaten national security. This move may culminate into the imposition of new US tariffs on foreign vehicles.
Global shares were trading mixed as financial and tech stocks moved up. However, auto stocks were under pressure after Trump administration ordered a probe into auto imports.