Index heavyweights, Bajaj Finance and Bajaj Finserv, jumped around 9 per cent each and contributed around a fifth of today's gains on the Sensex. Other heavyweights like Kotak Bank, Infosys, HDFC Bank, and Reliance Industries were the other contributors.
Broader markets, too, were firm as Nifty Midcap 100 and Nifty Smallcap 100 rose 0.9 per cent and 0.7 per cent, respectively. Sectorally, the Nifty IT, Nifty Metal, and Nifty Realty indices soared up to 2 per cent.
Here's a breakdown of what’s driving the markets on Thursday:
Analysts believe the worst phase may be getting over soon for foreign flows into domestic equities, and expect the foreign investors to return soon to emerging markets, including India, as the global central banks, especially the US Federal Reserve (US Fed), become less aggressive in hiking rates to tame inflation. READ MORE
"The focus towards 5G spectrum auctions, defence procurement, BPCL unit's $1.6 billion investment in Brazilian oil, were key factors that brought optimism in the markets," AK Prabhakar, head of research, IDBI Capital said.
On the second day of 5G spectrum auction, the government has raised another Rs 4,000 crore. Besides, the government has also approved defence purchases worth over Rs 28 crore. READ HERE
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