The domestic stock indices started the day's trade on a muted tone but recovered quickly and climbed into positive territory on Thursday. The 30-share BSE Sensex opened 91 points lower at 74,391 but gained strength through the day and was up over 200 points to close at 74,688. Similarly, the 50-stock NSE Nifty started 37 points down at 22,568 but recovered well to end 57 points higher at 22,662.
Several blue-chip stocks supported the recovery in the markets. Power Grid, M&M, Asian Paints, Tata Steel and Sun Pharma led the gains for the Sensex while Maruti, Kotak Bank, Wipro and Titan were among the laggards. The positive momentum was boosted by a strong collection figure for the Goods and Services Tax in April, indicating growth in economic activity.
On the currency front, the rupee began at 83.42 against the US dollar but stayed anchored around that level. Crude oil prices rose modestly after recent declines but gains were capped due to slowing economic expectations from the US Federal Reserve. However, easing geopolitical tensions in the Middle East provided some support.
Overall, the equity benchmarks underwent a volatile opening but managed to end in the green as select heavyweights advanced. The markets will be watching for further cues on the international and domestic economy.
