Stock markets extend rally to 2nd day on easing political worries

The Bombay Stock Exchange (BSE) building in Mumbai.
| Photo Credit: PTI

Benchmark equity indices Sensex and Nifty ended nearly 1% higher on Thursday, continuing their rally for the second straight day as Prime Minister Narendra Modi is poised to form the government for the third consecutive term.

Regaining the 75,000 level, the 30-share BSE Sensex jumped 692.27 points or 0.93% to settle at 75,074.51. During the day, it soared 915.49 points or 1.23% to 75,297.73.

The NSE Nifty climbed 201.05 points or 0.89% to 22,821.40. Intra-day, it rallied 289.8 points or 1.28% to 22,910.15.

Among the 30 Sensex companies, Tech Mahindra, HCL Technologies, State Bank of India, NTPC, Infosys, Larsen & Toubro, Tata Consultancy Services and Wipro emerged as the biggest gainers.

Hindustan Unilever, Asian Paints, Mahindra & Mahindra, Nestle, IndusInd Bank and Sun Pharma were among the laggards.

Prime Minister Narendra Modi is poised to form the government at the Centre for a third consecutive term after the BJP-led National Democratic Alliance (NDA) won the majority in the just-concluded parliamentary polls.

In Asian markets, Tokyo and Hong Kong settled with gains while Shanghai ended lower.

European markets were trading with gains. U.S. markets ended in positive territory on Wednesday.

Global oil benchmark Brent crude climbed 0.09% to $78.43 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹5,656.26 crore on Wednesday, according to exchange data.

Bouncing back from Tuesday’s debacle, the BSE Sensex jumped 2,303.19 points or 3.20% to settle at 74,382.24 on Wednesday. The Nifty climbed 735.85 points or 3.36% to 22,620.35.