Market Roundup: Sensex soars over 1,000 points, Nifty closes above 16,900; all sectors end higher

Domestic market benchmarks rose for the second consecutive day on 28 July on the back of strong global cues. The monthly and weekly F&O session ended over 1.5 percent higher after US Federal Reserve Chair Jerome Powell stated that he did not “think the US is currently in a recession.” Global markets reacted positively after the Federal Reserve hiked rates along expected lines. Powell’s less hawkish tone in the press conference and indications towards a slower pace of rate hikes in the coming months also led to strong positive sentiment. These factors affected the domestic bourses as well. BSE Sensex soared over 1,000 points to reach 56,857.79. NSE Nifty 50 ended above the 16,900 level. The Indian rupee strengthened against the US dollar. India VIX settled 6.16 percent lower at 17.01 levels. All sectors ended higher with realty, IT and financial services gaining over 2 percent. Bombay Stock Exchange (BSE): BSE Sensex zoomed 1.87 percent or 1,041.47 points to 56,857.79. The top gainers were Bajaj Finance, Bajaj Financial Services, Tata Steel, Kotak Bank and IndusInd Bank. Bharti Airtel, UltraTech Cement, Dr Reddy’s, ITC and Sun Pharma were the only draggers. Top BSE gainers: Bajaj Finance: The value of the company soared to Rs 7,076.30 per equity, up by 10.68 percent. Bajaj Financial Services: The shares zoomed 10.14 percent to Rs 14,652.30. Tata Steel: The value of the company gained to Rs 100.35 per equity, increasing 4.59 percent. Kotak Life: The shares surged 4.25 percent to Rs 1,828.45. InudsInd Bank: The stock reached Rs 1,017.70, up by 3.90 percent. Top BSE losers: Bharti Airtel: The shares slid 1.19 percent at Rs 666.80. UltraTech Cement: The stock slumped to Rs 6,474.00, down by 0.99 percent. Dr Reddy’s: The shares settled 0.73 percent lower to Rs 4,254.00. ITC: The value of the company shut shop 0.16 percent lower at Rs 303.35 per equity. Sun Pharma: The stock declined to Rs 894.45, falling 0.12 percent. National Stock Exchange (NSE): NSE Nifty 50 surged to 16,929.06, up by 287.80 points or 1.73 percent. While 10 stocks fell, 40 advanced. Bank Nifty zoomed 1.62 percent to 37,378.15. Top NSE gainers: Bajaj Finance: The shares zoomed 10.46 percent to Rs 7,065.50. Bajaj Financial Services: The value of the company soared 10.09 percent to Rs 14,650.00 per equity. Tata Steel: The stock climbed to Rs 100.20, up by 4.43 percent. Kotak Life: The stock jumped 4.18 percent to Rs 1,827.50. SBI Life: The shares surged to Rs 1,192.75, increasing 3.78 percent. Top NSE loser: Shree Cement: The value of the company plunged 3.06 percent to Rs 20.380.00 per equity. Bharti Airtel: The stock settled 1.17 percent lower at Rs 667.00. UltraTech Cement: The shares declined to Rs 6,475.00, down by 0.92 percent. Dr Reddy’s: The value of the company dipped 0.70 percent to Rs 4,256.00 per equity. Cipla: The stock slumped 0.62 percent to Rs 968.00.