Mumbai, India (BBN) – The domestic shares recovered in the afternoon session on the back of strong Asian shares.
At about 1:45pm, the Sensex was up 73 points or 0.26 per cent at 28,214.66 while the NSE Nifty was up 16.85 points or 0.19 per cent at 8,733.25, reports The Hindu Business Line.
The Sensex 30 had rallied 486 points yesterday, spurred by a series of market—friendly budget moves.
“There is some consolidation after the moves we saw yesterday.
In the longer term, the market remains extremely positive,” said Gaurang Shah, vice president, Geojit BNP Paribas.
Markets would also remain supported as the impact of a ban on higher value banknotes eases, analysts said.
With the Budget out of the way, the focus turns to RBI’s monetary policy to be released next week, they added.
Dr Reddy’s gained 3.3 per cent, Bharti Airtel 2.8 per cent, Infosys 2.3 per cent, ITC 2.2 per cent and Axis Bank 1.8 per cent.
Auto stocks dropped on Thursday after reporting lower January sales, with the Nifty auto index falling as much as 1.25 per cent.
Mahindra and Mahindra Ltd and Tata Motors Ltd were down over 2 per cent each, among the top percentage losers on the NSE index.
Asian shares touched four-month highs while the dollar sagged on Thursday after the US Federal Reserve stuck to its mildly upbeat economic view but gave no hint of accelerating rate hikes.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.15 per cent after touching its highest level since mid-October, with Seoul shares reaching highs last seen in July 2015.
The US Dow Jones Industrial Average ended 0.14 per cent higher yesterday.