Domestic stock markets gave up most of the day’s gains to end mildly higher on Thursday, as global equities took a breather after recent gains ahead of the US central bank chief’s speech. The S&P BSE Sensex index climbed up 253.06 points – or 0.65 per cent – to 39,326.98 at the strongest level during the session, and the broader NSE Nifty 50 benchmark rose to as high as 11,617.35, up 67.75 points – or 0.59 per cent – from its previous close. Analysts say caution prevailed as investors rushed to settle their positions in the monthly derivatives (futures and options) contracts due by the end of the session.
Gains in financial and real estate stocks supported the markets, as the Sensex ended with a gain of 39.55 points (0.10 per cent) at 39,113.47, and the Nifty settled at 11,559.25, up 9.65 points (0.08 per cent) from its previous close.
HDFC, Axis Bank and IndusInd Bank were the top boosts to the Sensex, whereas Reliance Industries and HDFC Bank were the biggest drags.
RBI Governor Shaktikanta Das said the country’s economy remains much stronger amid the coronavirus pandemic than it was during the global financial crisis over a decade ago even if growth has slowed.
The rupee ended 0.65 per cent higher against the dollar at 73.81, marking its highest close since March 13.
Real estate stocks clocked their best one-day gain since April 2017, after Maharashtra cut a tax on property to support the ailing sector.
Meanwhile, European shares opened lower and investor focus turned squarely to the virtual Jackson Hole conference, where Fed Chair Jerome Powell is expected to drop policy hints when he speaks at 1310 GMT.
