Indian shares ended sharply higher on Thursday to snap a three-day losing streak, with IT and metal stocks leading the surge on hopes for economic and earnings growth.
Global cues were upbeat as investors brushed off fears about the spread of Delta coronavirus variant and looked ahead to the European Central Bank for reassurance that policy support will continue for some time.
The benchmark 30-share BSE Sensex ended the session up 638.70 points, or 1.22 percent, at 52,837.21, while the broader NSE Nifty index jumped 191.95 points, or 1.23 percent, to settle at 15,824.05.
Metal stocks surged as base metal prices extended their recovery. JSW Steel jumped 5.9 percent, Tata Steel rallied 3.6 percent and Hindalco gained 2.9 percent.
IT stocks witnessed broad-based gains, with Tech Mahindra climbing as much as 5.4 percent. Wipro rose 2.8 percent and Infosys gained 2.5 percent
Bharti Airtel advanced 4.2 percent after rolling out new postpaid plans.
Among financials, Bajaj Finance gained 4.2 percent and Bajaj FinServ added 3.6 percent.
Arvind Fashions soared 20 percent after the country’s leading casual and denim clothing manufacturer announced a divestment of the assets of ‘Unlimited’ business to V-Mart Retail for Rs 150 crore.
IDFC surged 11.6 percent as the RBI allowed the company to exit as the promoter of IDFC First Bank. Shares of the latter rose 2.2 percent.
Hindustan Unilever dropped 2.3 percent. The FMCG major reported a 10.7 percent increase in its consolidated net profit for the June quarter.
Sensex Soars 639 Points; Nifty Ends At 15,824
2021-07-22 10:48:32
