The market showcased a smart intra-day recovery, reclaiming half of Wednesday's losses as banks led the resurgence, with HDFC Bank and SBI emerging as top contributors to the Nifty. Reliance also played a pivotal role in the rebound, attaining a four-month high.
Despite the overall recovery, three of the top five Nifty losers were Bajaj Finance, Bajaj Finserv, and Bajaj Auto. The Sensex marked a rise of 359 points, reaching 70,865, while the Nifty surged by 131 points to 21,281. In tandem, the Nifty Bank gained a substantial 404 points, reaching 47,824, and the Midcap Index saw an impressive 799-point surge, reaching 44,824.
Top gainers on the Nifty were BPCL, Power Grid Corporation, Britannia Industries, HDFC Bank and NTPC, while losers were Bajaj Auto, Bajaj Finance, Axis Bank, HCL Technologies and Cipla.
Among sectors, Information Technology, bank, FMCG up 0.5 percent each, while metal, pharma, realty, power and oil & gas, capital goods up 1-2% each.
Reports of a surge in copper prices contributed to a notable 11% upswing in Hind Copper's stock. IRCTC recouped losses from Wednesday, marking a 7% increase after the stock emerged from the F&O ban.
Diagnostic names experienced buying momentum due to a rise in COVID cases, with Dr Lal and Metropolis gaining 5-7%. BEL saw a 2% uptick as the company revised its order book guidance for FY24.
Zee Entertainment gained ground on the hope of a deadline extension for the Sony deal, closing 3% higher. City Union Bank, however, saw a nearly 5% decline on expectations of below-than-expected Q3 results.
PVR faced a setback, falling nearly 3% from the day's high following a review of new movie releases. Piramal Enterprises made provisions of over ₹3,100 crore due to an AIF rule, resulting in the stock being 4% off its lows.
In other developments, a former promoter sold a 12% stake in Ami Organics, causing the stock to be 7% off its lows. Inox Industries made a strong debut on exchanges, listing at a premium of 44%.
