Sensex Gains 427 Points; Nifty Tops 16,100

RTTNews | 1070 дней спустя
Sensex Gains 427 Points; Nifty Tops 16,100

(RTTNews) - Indian shares saw a broad-based rally to extend gains for a second day running on Thursday, as falling commodity prices and better-than-expected earnings guidance from Samsung Electronics for the second quarter helped assuage investor concerns about rising inflation.

The benchmark S&P BSE Sensex rallied 427.49 points, or 0.80 percent, to 54,178.46, while the broader NSE Nifty index ended up 143.10 points, or 0.89 percent, at 16,132.90.

Commodity-related stocks led the surge, with JSW Steel, Tata Steel and Hindalco climbing 4-7 percent, tracking a rise in Chinese iron ore futures.

Titan Company soared 5.8 percent after its first-quarter sales jumped by 205 percent year-on-year.

Automaker Tata Motors gained 3.7 percent after authorities in China vowed to support auto consumption.

BHEL advanced 2.4 percent after it successfully commissioned a 100-MW floating Solar PV plant in Telangana.

On the flip side, Hindustan Unilever, Bharti Airtel, Cipla, Nestle India and Dr Reddy's Laboratories all fell around 1 percent.

The rupee was under pressure despite the Reserve Bank of India announcing various measures to increase forex inflows in a bid to check the currency's slide.

Oil prices recovered some lost ground after seeing heavy losses in the previous two sessions on recession worries.

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