Sensex jumps 418 pts to 6-month high on positive domestic macro data, firm global equities

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The Sensex jumped 418 points to settle at a six-month high while the Nifty closed above the 17,700 mark on Tuesday amid optimism in global markets and positive domestic macroeconomic data points.

Buying into major indices Reliance Industries and ITC also added optimism to stocks.

BSE Sensex shares jumped for the second consecutive session, 418.45 points, or 0.67 percent, to settle at 63,143.16. On the day, it advanced 452.76 points, or 0.72 percent, to 63,177.47.

The NSE Nifty Index rose by 114.65 points, or 0.62 percent, to close at 18,716.15.

From Sensex Group, ITC, Titan, Asian Paints, Reliance, Tata Steel, Bajaj Finserv, Axis Bank, Hindustan Unilever, Infosys, Bajaj Finance, Nestle and ICICI Bank were the main gainers.

Kotak Mahindra Bank, Mahindra & Mahindra, HCL Technologies, State Bank of India, Bharti Airtel and Tata Motors were among the defaulters.

Retail inflation fell to a 25-month low 4.25 percent in May, mainly due to lower food and fuel prices. This is the fourth consecutive month that retail inflation has fallen and the third consecutive month for consumer price index (CPI)-based inflation to remain within the RBI’s comfort zone of less than 6 per cent.

The growth of industrial production in India has increased to 4.2 percent in April from 1.7 percent in March 2023, mainly due to the good performance of the manufacturing and mining sectors, according to official data released on Monday.

In the Asian markets, Seoul, Tokyo, Shanghai and Hong Kong closed in the green.

Stock markets in Europe were trading mostly in positive territory. US markets closed in positive territory on Monday.

Brent crude, the global benchmark, jumped 1.55 percent to $72.95 a barrel.

Foreign institutional investors (FIIs) offloaded shares worth ₹626.62 crore on Monday, according to exchange data.

The BSE benchmark rose 99.08 points, or 0.16 percent, to settle at 62,724.71 on Monday. The Nifty Index advanced 38.10 points, or 0.21 percent, to close at 18,601.50.