May 16 (Punjab Khabarnama) : Local stock markets regained momentum on Thursday and BSE Sensex gained more than 676 points. NSE Nifty crossed 22,400 points. Buying in stocks like HDFC Bank and Infosys and a rise in other markets in the US and Asia supported the market. The Sensex based on 30 shares closed at 73,663.72 points with a gain of 676.69 points or 0.93 percent in volatile trading. During trading, it reached a high of 73,749.47 points and reached a low of 72,529.97 points. National Stock Exchange’s Nifty also closed at 22,403.85 points with a gain of 203.30 points or 0.92 percent.
Vinod Nair, head of research, Geojit Financial Services, said, “The domestic market gained momentum amid a strong trend globally. The strong global trend indicates that inflation in the US may be lower than expected. Due to this, there seems to be a hope of at least two cuts in the policy rate this year. Sensex stocks include Mahindra & Mahindra, Bharti Airtel, Tech Mahindra, Titan, Infosys, JSW Steel, Bajaj Finserv, HDFC Bank, Larsen & Toubro and Kotak Mahindra Bank were the major gainers.
On the other hand, loss-making stocks include Maruti, State Bank of India, Power Grid, Tata Motors and IndusInd Bank. In other markets of Asia, South Korea’s Kospi, Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hang Seng were among the gainers. There was a declining trend in early trade in major markets of Europe. American market Wall Street was in the lead on Wednesday. Global oil benchmark Brent crude fell 0.33 percent to $82.45 per barrel. According to stock market data, foreign institutional investors (FIIs) sold shares worth Rs 2,832.83 crore on Wednesday. The Sensex had lost 117.58 points on Wednesday, while the Nifty had fallen 17.30 points.
