Sensex rises 443.19 pts to end above 52,200 driven by auto stocks
India Today
The NSE Nifty 50 index (.NSEI) rose 0.93% to 15,556.65, while the S&P BSE Sensex (.BSESN) climbed 0.86% to 52,265.72.
Indian shares bucked a broader downturn on Thursday as weak metal and oil prices drove beaten-down automakers to their best day since April 2020.
The NSE Nifty 50 index (.NSEI) rose 0.93% to 15,556.65, while the S&P BSE Sensex (.BSESN) climbed 0.86% to 52,265.72.
The indexes have added around 1.7% so far this week, after two consecutive weeks of decline fuelled by concerns over interest rate hikes and growth.
Aiding sentiment on Thursday was a further retreat in crude prices as investors assessed recession risks and the impact of higher rates on fuel demand. Cheaper oil tends to benefit oil-importing countries like India.
"Fall in crude oil prices gave some respite to the market, although concerns of persistent foreign investor selling and rising bond yields in the U.S. will continue to keep traders on edge," said Shrikant Chouhan, head of equity research (retail) at Kotak Securities.
Analysts also said central bank commentary that inflation was expected to come down to 4% in 2023-24 was underpinning sentiment. read more
The Nifty Auto index (.NIFTYAUTO) was the best performing subindex, surging 4.4%. Recession worries sent metal prices sharply lower, boosting automakers which have grappled with rising input costs for several quarters.
