Indian equities rebounded sharply on Thursday, May 14, with benchmark indices gaining more than 1 percent amid broad-based buying and short covering after recent losses. Strong gains in banking, metal and pharma stocks lifted sentiment despite persistent pressure from record-low rupee levels and elevated crude oil prices.
The Sensex closed 790 points, or 1.06 percent, higher at 75,398.72, while the Nifty 50 advanced 277 points, or 1.18 percent, to settle at 23,689.60.
Midcap shares also participated in the rally, with the Nifty Midcap 150 index rising 1.18 percent. However, the Smallcap 250 index ended almost flat.
Sensex surged 790 points to close at 75,398.72
Nifty 50 climbed 277 points to settle at 23,689.60
Investors gained nearly ₹5 lakh-crore in market wealth
Adani Enterprises jumped 9 percent; Cipla rose 8 percent
Pharma, healthcare and metal stocks led the rally
IT stocks remained weak, with Infosys and TCS among top losers
Rupee hit a fresh record low of 95.73 against the dollar
Brent crude stayed above $105 per barrel
Investor wealth surged by nearly ₹5 lakh-crore in a single session as the total market capitalisation of BSE-listed companies climbed to ₹463 lakh-crore from ₹458 lakh-crore in the previous session.
Out of the 50 Nifty stocks, 38 ended in the green.
Adani Enterprises jumped 9 percent to emerge as the top gainer in the Nifty pack. Cipla rose 8 percent, while Bharti Airtel gained 5 percent.
Other major gainers included metal, banking and pharma counters.
On the losing side, IT stocks remained under pressure. Infosys, Tech Mahindra, HCL Tech, Coal India and TCS declined 1-2 percent.
Among sectoral indices, Nifty Pharma climbed 2.74 percent, while Healthcare rose 2.56 percent and Metal gained 2.04 percent.
Banking shares also witnessed strong buying interest. Nifty Bank, Financial Services, PSU Bank, Private Bank and Consumer Durables indices advanced more than 1 percent each.
Nifty IT was the only major sectoral index to end in negative territory, falling about 2 percent.
The market rally came despite the rupee falling to a fresh record low of 95.73 against the US dollar and Brent crude oil remaining above $105 a barrel.
Vinod Nair of Geojit Investments said investor sentiment improved on expectations that the government could take measures to support the rupee, including possible bond tax relief for foreign investors and tightening of remittance rules to curb capital outflows.
He also said optimism surrounding the Trump-Xi summit and hopes of stronger economic cooperation between the US and China supported market sentiment.
According to Rupak De of LKP Securities, the Nifty continues to trade below the 20-day EMA, indicating that the broader trend remains weak.
He said a decisive move above 23,800 could trigger fresh upside momentum and push the index towards 24,200 levels. However, failure to sustain above 23,800 may lead to renewed selling pressure.
More than 100 stocks, including Apollo Hospitals Enterprise, Adani Enterprises, Tata Steel and Hindalco Industries, touched their 52-week highs during intraday trade. In contrast, over 50 stocks, including TCS, Infosys, HCL Technologies, LTIMindtree and Swiggy, hit fresh 52-week lows.
(By arrangement with livemint.com)
