FINAL TRADE: Nifty reclaims 22,400, Sensex jumps 677 led by financial, IT stocks

Stock market today: Domestic equity benchmarks Nifty50 and Sensex shares rose on Thursday, May 16 led by financial and information technology stocks. The leaner Sensex index rose 676.69 points, or 0.93 per cent, to settle at 73,663.72, while the 50-share index Nifty settled at 22,403.85, up 203.3 points, or 0.92 per cent. 

Among the Nifty companies, 38 were advancing while 12 were declining. Mahindra and Mahindra, Tata Consumer Products, Bharti Airtel, LTIMindtree, and Tech Mahindra led the gains in Nifty 50 universe while Maruti Suzuki, State Bank of India, Power Grid and BPCL were the top decliner. 

"The domestic market experienced a late surge, driven by strong global trends that pointed to lower-than-expected US consumer inflation figures, which suggests at least two interest rate cuts in 2024," Vinod Nair, Head of Research, Geojit Financial Services said. 

"Further, buoyancy in the broader market continues with exports increasing despite global economic uncertainties, leading the heavyweights’ sectors such as banking, IT, and industrials to outperform," he added. 

Nifty IT index gained 1.66 per cent to settle at 33,668.45 led by all ten constituents. Nifty Bank closed 0.61 per cent higher at 47,977.05.  Meanwhile, the domestically focussed Nifty SmallCap 100 and Nifty MidCap100 were up 0.84 per cent and 0.88 per cent, respectively.

Global Market

Share opened lower Thursday in Europe after most Asian benchmarks gained, tracking a Wall Street rally driven by hopes that inflation is heading back in the right direction. The pan-European STOXX 600 was down 0.2 per cent last seen after hitting a fresh record high on Wednesday. 

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