Sensex surges 412 points on softening crude oil prices
Jul 07, 2022
Mumbai (Maharashtra) [India], July 7 : The Indian stock market's benchmark Sensex surged 412 points in the afternoon session on Thursday led by strong buying support in consumer durables, banking and financial stocks as softening crude oil prices helped ease inflation worries.
The 30 stock S&P BSE Sensex was trading 412.41 points or 0.77 per cent higher at 54,163.38 points at 1.09 pm against its previous day's close at 53,750.97 points.
Earlier, the Sensex opened sharply higher at 54,146.68 points and surged to a high of 54,249.74 points in the early morning trade.
This is the second consecutive day of a strong rally in the Indian equities markets. The Sensex had gained 616.62 points or 1.16 per cent on Wednesday.
The broader Nifty 50 of the National Stock Exchange was trading 127.75 points or 0.8 per cent higher at 16,117.55 points against its previous day's close at 15,989.80 points.
The Nifty opened sharply higher at 16,113.75 points and rose to a high of 16,139.50 points in the morning trade.
Titan surged 5.64 per cent to Rs 2127. Mahindra & Mahindra soared 2.47 per cent to Rs 1132.25. L&T rose 2.11 per cent to Rs 1589.45.
There was strong buying support in banking and financial stocks. IndusInd Bank surged 2.28 per cent to Rs 855.65. ICICI Bank soared 1.65 per cent to Rs 738.05. The country's largest lender State Bank of India soared 1.53 per cent to Rs 487. HDFC Bank rose 1.50 per cent to Rs 1392.05.
Eight of the 30 scrips that are part of the benchmark Sensex were trading in the red. Bajaj Finserv slumped 1.14 per cent to Rs 11905. Bajaj Finance fell 0.99 per cent to Rs 5859.
The index heavyweight Reliance Industries Limited was trading 0.94 per cent lower at Rs 2389.35. Dr Reddy's Laboratories, Bharti Airtel, Nestle India and Maruti Suzuki were also trading in the red.
