Mumbai: Indian equity benchmarks closed in the green for the second consecutive day on Thursday, as India VIX declined over 11 per cent. India VIX or fear index is an indicator that gauges market volatility. Sensex rose 692 points or 0.93 per cent to close at 75,074 and Nifty gained 201 points or 0.89 per cent to close at 22,821. Midcap and smallcap stocks outperformed largecaps. Nifty Midcap 100 rose 1,147 points or 2.24 per cent to close at 52,413 and Nifty Smallcap 100 rose 536 points or 3.29 per cent to close at 16,826. Among sectors, IT, metals, PSU banks, realty, media and energy were the major gainers. However, pharma, FMCG and private banks lagged behind.
22 out of 30 Sensex stocks closed in the green. Tech Mahindra, HCl Tech, SBI, ATPC, Infosys, L&T and TCS were the top gainers. HUL, Asian Paints, M&M, Nestle, IndusInd Bank and Sun Pharma were the top losers. Global markets have rebounded on the possibility of interest rate cuts by the US Fed in the US. According to Vaibhav Vidwani, research analyst at Bonanza Portfolio: “India’s stock markets have shrugged off the shock of the election results – overcoming initial concerns of the Bharatiya Janata Party failing to secure a majority on its own – and bounced back on renewed confidence in the continuation of the National Democratic Alliance coalition government.” “This is evident from the sharp rise in benchmark indices after a 6 per cent drop at the time of vote counting on June 4. The NSE Nifty 50 jumped 3.4 per cent on June 5 and crossed the 22,900 mark on June 6 with another 1.2 per cent gain.”
