Sensex off day’s highs, Nifty manages to hold 10750

Mumbai, Jun 7: A strong rally in banks, metals, auto and IT names helped the market soar big on Thursday, with the Nifty reclaiming 10,800 during the session. However, the last hour saw some profit booking as indices closed lower than the day’s high points. The 50-share index closed above 10,750.
The Sensex rose over 400 points intraday, while the Nifty too surged over 100 points, largely led by a rally in banks, auto, IT as well as metal names. The market could have possibly reacted to the repo rate hike announced by the Reserve Bank of India (RBI).
All sectoral indices ended in the green, with strong uptick in segments such as banks, energy, IT, and metals. In the broader markets space, midcaps continued the relief rally and ended over 1.5 percent higher.
The Sensex ended higher by 284.20 points at 35463.08, while the Nifty was up 83.70 points at 10768.40. All the sectoral indices ended in positive territory with a gain of 0.5-1.5 percent gain.
Tata Steel, Tata Motors, ICICI Bank, Axis Bank, Wipro, Indiabulls housing and Asian Paints are the top gained in the indices.
Stocks in the news
Shares of Kwality touched 52-week low of Rs 31.65, locked at 5 percent lower circuit despite company announcing a meeting to consider a buyback proposal.
Shares of PVR gained over 1 percent after the firm announced opening of a new multiplex in Vellore, Tamil Nadu.
Lemon Tree Hotels, too gained over 1 percent, as the firm announced that it has licensed a property at Gwalior and will have 100-plus rooms in the city.
Shares of Videocon managed to trim some gains after being locked in 5 percent lower circuit on buzz of insolvency proceedings against the company.
Lastly, KDDL was in focus as it was too locked at 5% upper circuit. The company’s Board is set to consider fund raising on June 11.
Global markets
European markets traded higher as investors anticipated a hike in interest rates as well. Stoxx 600 was 0.2 percent higher. Asian shares, meanwhile, closed higher on the back of positive handover from Wall Street. The Nikkei 225 advanced 0.87 percent, or 197.53 points, to close at 22,823.26.