State-run companies and energy stocks also contributed to the rally in hopes of continued capex spending by the new government. Sensex surged 182 points and closed at 76,993. Nifty rose 67 points and closed at 23,466.
Gainers and losers:
HDFC Bank, Reliance Industries, M&M, Titan, Axis Bank, and Bajaj Finance were the top contributors to the Sensex. TCS, L&T, Infosys, ICICI Bank, and SBI were the day’s losers.
Sectoral performance
The IT sector dropped 0.9%. The broader, more domestically focussed small- and mid-caps rose about 1% each to hit the all-time highs.
STOCKS IN NEWS
RITES closed 4% higher after the company announced that it signed an MoU with the DMRC for exploring consultancy and O&M of Metro Rail Systems.
Global Markets
World stocks were down 0.2% on the day, having fallen since they hit an all-time high earlier in the week.
Across Asia, stocks wavered, with MSCI’s broadest index of Asia-Pacific shares outside Japan down 0.10%. Chinese stocks also fell, with the blue chip stocks off 0.4%.
Crude Oil
Oil prices were stable and on course for their best week in more than 2 months after solid projections for crude oil and fuel demand.
Brent crude futures were at $82.56 a barrel. US West Texas Intermediate (WTI) were at $78.30.
Rupee
The Indian rupee closed nearly unchanged at 83.5550 against the U.S. dollar.
