Sensex, Nifty spurt nearly 1% on buying in HDFC Bank, Infosys amid global stocks rally

Sensex and Nifty rise 1% on May 16, driven by HDFC Bank and Infosys, following global market trends.

Equity benchmark indices Sensex and Nifty shot up nearly 1% on May 16, driven by buying in HDFC Bank and Infosys and a rally in the U.S. and Asian markets.

In a highly volatile trade, the 30-share BSE Sensex climbed 676.69 points or 0.93% to settle at 73,663.72. During the day, it hit a high of 73,749.47 and a low of 72,529.97. The NSE Nifty surged 203.30 points or 0.92% to 22,403.85.

"The domestic market experienced a late surge, driven by strong global trends that pointed to lower-than-expected U.S. consumer inflation figures, which suggests at least two interest rate cuts in 2024," Geojit Financial Services Head of Research Vinod Nair said.

Among the Sensex components, Mahindra & Mahindra, Bharti Airtel, Tech Mahindra, Titan, Infosys, JSW Steel, Bajaj Finserv, HDFC Bank, Larsen & Toubro and Kotak Mahindra Bank were the major gainers. Maruti, State Bank of India, Power Grid, Tata Motors and IndusInd Bank were the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled with gains. European markets were trading lower. Wall Street ended higher on May 15. Global oil benchmark Brent crude declined 0.33% to $82.45 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,832.83 crore on May 15,” according to exchange data. Halting its three-day rally, the 30-share BSE Sensex declined 117.58 points or 0.16% to settle at 72,987.03 on Wednesday. The NSE Nifty dipped 17.30 points or 0.08% to 22,200.55.