Benchmarks for Indian stocks rose for the third day in a row on Thursday, along with gains in metals and information technology stocks. The benchmarks opened higher and prolonged gains in midday trades in which the Sensex rose 456 points and the Nifty 50 index briefly broke its important psychological level of 14,950. However, the pressure to sell Banking and financial stocks over the last hour of trading led the index to hit intraday highs.
The Sensex finished 84 points or 0.17 percent higher at 49,746 and the Nifty 50 Index climbed 55 points to 14,874.
Six of the 11 sector gauges compiled by the National Stock Exchange ended higher, driven by the increase of more than 4% of the Nifty Metal index. FMCG, IT, autos and real estate stocks also sparked buying interest.
In contrast, the banking, financial services, PSU Bank and Private Bank indices ended with a negative bias.
Mid and small cap stocks outperformed their larger peers, with the Nifty Midcap 100 Index increasing 0.53% and the Nifty Smallcap 100 Index up 1.24%.
JSW Steel was Nifty’s best winner, the stock rose 13.62% to a new 52-week record of Rs 638.90 after crude steel production rose 6% to 4.19 million tons in the quarter ended March 2020. Its production of rolled products: flat grew 4 percent to 2.99 million tons and production of rolled products: long increased 11 percent to 1.05 million tons .
Tata Steel, Shree Cements, UltraTech Cement, Hindalco, Titan, tech Mahindra, Tata Motors, Britannia Industries, Nestlé India, TCS, Bajaj Finserv and Adani Ports also rose 1-5%.
In contrast, Sun Pharma, IndusInd Bank, SBI Life, ONGC, Bajaj Finance, Bajaj Auto, Power Grid, HDFC Bank, Axis Bank and State Bank of India were among the losers.
The overall breadth of the market was positive as 1,858 stocks ended higher while 1,062 closed lower on BSE.