The BSE benchmark Sensex ended 119 points higher on Thursday and the broader Nifty went past the 10,600 mark on positive investor sentiment amid easing crude oil prices and firm rupee.
The 30-share index opened a shade higher at 35,145.75 points, hovered in the range of 35,402 and 35,118.42, before ending the session at 35,260.54, with a gain of 118.55 points, or 0.34% over its previous close.
The gauge had shed 2.50 points on Wednesday in a highly volatile session.
The NSE Nifty also closed 40.40 points, or 0.38% higher at 10,616.70 after shuttling between 10,646.50 and 10,557.50.
The appreciation in rupee, firming trend in other Asian markets and a higher opening of European equities too influenced market mood here.
Traders said falling crude prices in the global market was a big boost for the economy as it lightens the country’s import bill burden, eases inflation and current account deficit concerns.
Global crude oil prices have fallen nearly 30% to USD 65 per barrel from over USD 86 in early October. Brent crude fell 0.47% to USD 65.81 per barrel.
Meanwhile, the rupee strengthened further by 44 paise to trade at 71.87 against the dollar in late afternoon trade in the forex market.
However, profit-booking at higher levels by speculators at the fag-end of the session trimmed some of the day’s gains, traders added.
According to analysts, a drop in US 10-year bond yield, followed by gradual pick up in foreign institutional investor (FII) inflow to domestic market and slide in oil prices eased the concerns of liquidity.
FIIs bought shares worth a net of Rs 277.38 crore, while domestic institutional investors (DIIs) sold shares to the tune of Rs 272.34 crore on Wednesday, provisional data showed.
Uncertainty over the US-China trade deal and next Federal Reserve policy, which is likely to see hike in December, may add volatility in the near term, the analysts added.
Shares of Jet Airways climbed 24.52% amid reports that Tata Group was in talks to buy a controlling take in the cash-strapped airline.
Adani Ports took the top position among Sensex constituents by surging 4.19%, followed by Kotak Bank rising 2.61%.
Other big gainers included Axis Bank advancing 2.11%, Hero MotoCorp 1.95%, Tata Motors 1.78%, Maruti Suzuki 1.50%, Vedanta Ltd 1.37%, Power Grid 1.18%, L&T 0.97%, Bharti Airtel 0.85%, ICICI Bank 0.82%, HDFC Bank 0.80%, and HDFC 0.75%.
SBI, Infosys, RIL and IndusInd Bank, too, finished with gains of up to 0.56%.
Shares of private lender, Yes Bank emerged worst performer by plunging 7.42% after its non-executive chairman Ashok Chawla resigned with immediate effect.
The bank also said that independent director Vasant Gujarathi had tendered his resignation with immediate effect due to personal commitments.
Other laggards were NTPC, ONGC, Sun Pharma, Coal India, TCS, HUL, ITC, M&M, Asian Paint, Bajaj Auto, Wipro and Tata Steel falling by up to 2.16%.
Shares of Grasim Industries tumbled 7.91% following the Adiya Birla Group firm’s announcement of Rs 1,300 crore consolidated loss in the September quarter.
Shares of state-run oil marketing companies such as HPCL, BPCL and IOC continued to show a bullish trend and surged up to 2.28% on falling global crude oil prices.
Among the sectoral indices, BSE consumer durables index gained the most by rising 1.60%, followed by realty index 1.58%, bankex 0.79%, metal 0.66%, capital goods 0.66%, auto 0.54%, healthcare 0.32%, infrastructure 0.19% and PSU index 0.10%.
However, FMCG, power, oil & gas, teck and IT indices ended in the negative zone.
The broader markets, too, displayed a firm trend with the mid-cap index rising 0.68% and small-cap index gaining 0.40%.
Globally, most of other Asian markets ended higher. Shanghai’s Composite Index rose 1.36%, Hong Kong’s Hang Seng was up 1.67% while Taiwan index gained 0.35%. Japan’s Nikkei, however, shed 0.20%.
In Europe, Paris CAC 40 was up 0.49%, Frankfurt’s DAX gained 0.48%, while London’s FTSE was up 0.40%.