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The 30-share BSE Sensex rose 141 points or 0.18% to settle at 77,479. The broader NSE Nifty gained 51 points or 0.22% to end at 23,567.
From the Sensex pack, JSW Steel, Tata Steel, ICICI Bank, Reliance Industries, and Kotak Mahindra Bank were the top gainers, rising over 1% each. On the other hand, Sun Pharma, M&M, NTPC, SBI, and Wipro were the top laggards.
Nifty Pharma index dropped 0.5%, dragged by heavyweight Sun Pharma, which closed 2.2% lower after its Dadra facility received a warning letter from the US drug regulator. Sun Pharma was the top Sensex loser.
The private bank index rose 1.16%, after Macquarie said it preferred them, given stable asset quality outlook and attractive valuations.
Nifty Metal index gained 1.8%, after top consumer China reiterated it will stick to a supportive monetary stance, boosting sentiment.
Nifty Realty index also closed 2% higher, led by Prestige, Lodha, and Oberoi Realty.
Among individual stocks, Uno Minda closed 2.3% higher after the global brokerage firm Goldman Sachs increased its target price to Rs 1,350 as it maintained a buy call on the stock.
Meanwhile, the market capitalisation of all listed companies on BSE surged by Rs 1.86 lakh crore to Rs 435.81 lakh crore. The market breadth was skewed in the favour of the bulls. About 2,285 stocks gained, 1,568 declined, and 128 remained unchanged on the BSE.
Expert Views
"In the near term, market attention is expected to centre around the upcoming Union Budget and the progress of the monsoon. On the global front, the decline in US bond yields has facilitated robust FII inflows in recent days. The fertiliser stocks exhibited good momentum, driven by the proposed removal of GST & hike in MSP," said Vinod Nair, Head of Research, Geojit Financial Services.Deepak Jasani, Head of Retail Research at HDFC Securities, said, "Nifty rose mildly after a volatile session. It formed another long legged Doji forming a sideways pattern. Nifty could now stay in the 23,413-23,664 band for the near term."
Global Markets
Global shares held around record highs on Thursday, supported by investor confidence in the prospect of a drop in US interest rates this year.The MSCI All-World index was broadly steady at 805.19, having marked another record high on Wednesday, when US markets were closed for a public holiday.
In Europe, the STOXX 600 rose 0.4% in early trading, lifted by positive sentiment around the tech sector.
Crude Oil
Brent oil futures were steady on Thursday, hovering slightly below seven-week highs as the market awaited US inventory data.August Brent crude rose by 32 cents, or 0.38%, to $85.39 per barrel. U.S. West Texas Intermediate futures (WTI) for July, which expire on Thursday, dipped 25 cents, or 0.31%, to $81.32.
Rupee Falls to Record low
The Indian rupee fell to a record low on Thursday, pressured by likely outflows and strong dollar demand from local importers.The currency declined to a lifetime low of 83.6650 against the US dollar in the latter half of the trading session and ended at a record closing low of 83.6525. It had closed at 83.4550 in the previous session.
(With inputs from agencies)
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(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price