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30 May 2024, Edition - 3243, Thursday

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Business

Sensex gains over 500 points, Nifty reclaims 10,500; rupee rises past 73 mark

businesstoday.in

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The Sensex and Nifty rose higher in morning trade as oil prices dipped on record crude output by the world’s top-three producers leading to rupee rising past the 73 mark, improving sentiments across the market. While the Sensex gained 597 points to 35,029, Nifty went up 176 points to 10,557 level.

Meanwhile, the rupee rose 68 paise to hit a high of 72.77 against the US currency as global crude oil prices eased and domestic equity markets staged a smart rebound.

Brent crude, used to price international oils, lost 26 cents to $72.63 per barrel. It shed 2.9 percent on Thursday to $72.89 a barrel in London.

Top Sensex gainers were Vedanta (5.59%), YES Bank (4.98%) and Adani Ports (4.76%). Wipro 1.39%, Coal India (0.31%) and TCS (0.19%) were top Sensex losers.

The BSE midcap index rose 1.77% or 261 points higher to 15,034. The small cap index too gained 1.45% or 207 points to 14,563 level.

Among BSE sectoral indices, auto stocks led the gains with BSE auto index rising 3.27% or 650 points to 20,540 level.

Banking stocks too gained 1.50% or 429 points to 29,040 level.

Market breadth was positive with 1614 stocks trading higher compared to 567 stocks falling on the BSE.

Meanwhile, domestic institutional investors (DIIs) made purchases worth a net of Rs 1124.92 crore, while foreign institutional investors (FIIs) sold shares to the tune of Rs 193.65 crore on Thursday, provisional data showed.

Global stocks

Asian shares advanced Friday after a strong finish on Wall Street, helped by news of possible progress on resolving trade tensions between China and the US.

Hong Kong’s Hang Seng index jumped 2.4 percent to 26,026.18 and the Shanghai Composite index added 1.2 percent to 2,637.65. Japan’s Nikkei 225 index climbed 0.7 percent to 21,842.77 while South Korea’s Kospi climbed 2.2 percent to 2,069.00. The S&P ASX/200 in Australia slipped 0.5 percent to 5,813.90. Shares fell in Taiwan but fell in India and Southeast Asia.

US stocks continued their gradual rebound from a plunge that lasted almost the entire month of October, and many of the biggest gains Thursday came from stocks that struggled badly last month like chipmakers and other technology companies and smaller, domestically-focused companies. The S&P 500 index added 1.1 percent to 2,740.37. The Dow Jones Industrial Average also picked up 1.1 percent, to 25,380.74. The Nasdaq composite climbed 1.8 percent to 7,434.06 and the Russell 2000 index jumped 2.2 percent, to 1,544.98.

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