The S&P BSE Sensex advanced 142.87 points, or 0.17%, to 82,000.71, while the NSE Nifty 50 gained 33.20 points, or 0.13%, closing above the 25,050 mark at 25,083.75.
Top Movers
On the 30-share Sensex, Bajaj Finserv, ICICI Bank, Bajaj Finance, Reliance Industries, Larsen & Toubro and Bharat Electronics led the advance, rising between 0.7% and 1.1%.
Reliance, the third-largest stock on the Nifty, gained 0.8% after J.P. Morgan reiterated its “overweight” rating, citing attractive valuations and multiple growth drivers.
Stocks have been rallying in recent sessions by expectations of Goods and Services Tax (GST) reforms and S&P’s sovereign rating upgrade, with the Nifty up 2.4% and the Sensex climbing 2.2% over the past six days.
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On Thursday, small-cap shares ended flat, while mid-caps slipped 0.4%. Financials added 0.3%, lifted by ICICI Prudential Life and SBI Life, after a panel of state finance ministers recommended exempting individual health and life insurance premiums from GST to spur demand.Technology stocks edged higher, with the IT index up 0.1%, as investors awaited Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole symposium on Friday for signals on the U.S. central bank’s rate outlook.
Expert Views
Indian equities ended mixed, as investors turned to profit booking after a recent rally and concerns over the premium valuation due to the subdued end of Q1 earnings, said Vinod Nair, Head of Research at Geojit Investments, adding that the country’s record-high composite PMI in August, reflecting strong expansion in both manufacturing and services, particularly in business activity, may provide stability in the near term.
“Investors remain cautious ahead of the upcoming Jackson Hole symposium on Friday, and rising domestic bond yields due to fiscal concerns surrounding GST rationalization,” said Nair.
Global Markets
European stocks edged lower in early trade Thursday, holding just below recent highs as investors stayed cautious ahead of the Federal Reserve’s annual Jackson Hole symposium.
By 0946 GMT, the pan-European STOXX 600 was down 0.2%, just off a five-month high from the prior session. London’s FTSE 100 and Germany’s DAX each slipped 0.1%, while France’s CAC 40 lost 0.4%. The MSCI World Equity Index was off 0.1%.
In Asia, Japan’s Nikkei 225 slipped 0.6% to 42,610.17 after a survey showed factory activity contracted for a second straight month in August. The S&P Global flash manufacturing PMI rose to 49.9 from 48.9 in July, but remained below the 50 mark that separates expansion from contraction.
The three-day Jackson Hole meeting begins Thursday, with attention centered on Fed Chair Jerome Powell’s speech Friday for signals on whether a September rate cut is likely.
Gold prices eased to $3,340.61 an ounce.
Crude Impact
Oil prices climbed Thursday, supported by signs of firm U.S. demand and uncertainty surrounding efforts to end the war in Ukraine.
Brent crude futures rose 64 cents, or nearly 1%, to $67.48 a barrel by 1012 GMT, hovering near a two-week high. U.S. West Texas Intermediate crude gained 65 cents, or 1%, to $63.36.
Rupee vs Dollar
The Indian rupee weakened on Thursday, pressured by late-session dollar demand from oil importers, though steady greenback sales by foreign banks helped limit the decline. The currency closed at 87.27 per U.S. dollar, down 0.24% from its previous close of 87.0650.
The dollar index, which measures the greenback against six major peers, inched up 0.02% to 98.23.
(With inputs from agencies)