Stock markets rise for 2nd day, aided by falling oil prices, positive global trends

Mumbai, Jun 25 (PTI) Benchmark stock indices Sensex and Nifty advanced on Thursday as softening crude oil prices and a rally in global markets boosted investor sentiment.

Rising for the second consecutive day, the 30-share BSE Sensex settled 109.25 points, or 0.14 per cent, higher at 77,100.47 even as 19 of its constituents declined and 11 advanced. The index opened higher and surged further 811.96 points, or 1 per cent, to hit the day’s high of 77,803.18. However, profit-taking in IT and metal shares erased gains in the second half.

The 50-share NSE Nifty rose by 34.35 points, or 0.14 per cent, to end at 24,056. The index hit a high of 24,261.60 and a low of 24,039 during the day.

Among Sensex stocks, IndiGo-parent InterGlobe Aviation jumped the most by 4.82 per cent. Mahindra & Mahindra, Maruti, State Bank of India, ICICI Bank, and Hindustan Unilever were also among the gainers.

Power Grid, Bharat Electronics, Tech Mahindra, Infosys and Bharti Airtel were among the laggards.

“The domestic market concluded the day flat, as early intraday gains were offset by profit booking. While a sharp decline in crude oil prices supported the rupee and provided some cushion, it was insufficient to sustain upward momentum,” Vinod Nair, Head of Research, Geojit Investments Limited, said.

On the sectoral front, auto stocks outperformed, driven by softer metal prices, easing supply chain constraints, and improving retail demand during the month, Nair added.

Brent crude, the global oil benchmark, declined 1.26 per cent to USD 72.81 per barrel.

In Asian markets, South Korea’s Kospi jumped 5.42 per cent, Japan’s Nikkei 225 index climbed 4.61 per cent, while Shanghai’s SSE Composite index ended marginally higher. Hong Kong’s Hang Seng index settled lower.

Markets in Europe were trading in positive territory. US markets ended on a subdued note in the previous trade.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,843.40 crore on Wednesday, according to exchange data.

On Wednesday, the Sensex jumped 790.54 points, or 1.04 per cent, to settle at 76,991.22. The Nifty climbed 197.55 points, or 0.83 per cent, to end at 24,021.65.

Stock markets would remain closed on Friday for Muharram.