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The domestic equity market staged a sharp recovery on Thursday afternoon after slipping to the day’s low in early trade, with benchmark indices clawing back losses following the release of the Economic Survey, which reinforced expectations of steady growth and sustained public investment.
The BSE Sensex surged nearly 905 points from its intraday low of 81,707.94 to hit a high of 82,615, while the NSE Nifty climbed back above the 25,400 mark. As of 2:00 pm, the Sensex was trading at 82,615, up 267 points or 0.33 per cent, and the Nifty stood at 25,433.60, higher by 91.55 points or 0.34 per cent from the previous close.
Markets had opened on a weak note, tracking mixed global cues, with the Sensex hitting its day’s low around 10:00 am and the Nifty briefly slipping below the 25,200 level. Sentiment, however, improved sharply post noon as investors digested the Economic Survey, which underscored the government’s continued focus on capital expenditure, manufacturing and fiscal consolidation.
Metal stocks outperformed the broader market, buoyed by optimism around infrastructure spending and industrial demand flagged in the Survey. The BSE Metal index jumped 2.47 per cent to hit a record high.
Hindustan Copper locked in a 20 per cent upper circuit, while Nalco surged 5.75 per cent. Vedanta gained 3.8 per cent, NMDC rose 3.79 per cent, Jindal Steel climbed 3.66 per cent and Tata Steel advanced 3.61 per cent.
The broader market also pared losses from the day’s low, though gains remained uneven. The BSE 150 MidCap Index was trading marginally lower by 0.05 per cent, while the BSE 250 SmallCap Index remained under pressure, down nearly 0.5 per cent.
The BSE Sensex surged nearly 905 points from its intraday low of 81,707.94 to hit a high of 82,615, while the NSE Nifty climbed back above the 25,400 mark. As of 2:00 pm, the Sensex was trading at 82,615, up 267 points or 0.33 per cent, and the Nifty stood at 25,433.60, higher by 91.55 points or 0.34 per cent from the previous close.
Markets had opened on a weak note, tracking mixed global cues, with the Sensex hitting its day’s low around 10:00 am and the Nifty briefly slipping below the 25,200 level. Sentiment, however, improved sharply post noon as investors digested the Economic Survey, which underscored the government’s continued focus on capital expenditure, manufacturing and fiscal consolidation.
Metal stocks lead the rebound
Metal stocks outperformed the broader market, buoyed by optimism around infrastructure spending and industrial demand flagged in the Survey. The BSE Metal index jumped 2.47 per cent to hit a record high.
Hindustan Copper locked in a 20 per cent upper circuit, while Nalco surged 5.75 per cent. Vedanta gained 3.8 per cent, NMDC rose 3.79 per cent, Jindal Steel climbed 3.66 per cent and Tata Steel advanced 3.61 per cent.
The broader market also pared losses from the day’s low, though gains remained uneven. The BSE 150 MidCap Index was trading marginally lower by 0.05 per cent, while the BSE 250 SmallCap Index remained under pressure, down nearly 0.5 per cent.
