Indian equity benchmarks Sensex and Nifty surged nearly 1% each on Thursday amid positive trends in global markets.

The BSE Sensex jumped 427.49 points or 0.80% to close at 54,178.48. During the day, it rallied 503.82 points or 0.93% to 54,254.79. The NSE Nifty gained 143.10 points or 0.89% to close at 16,132.90.

Also Read | Harshad Mehta scam: How Big Bull shook the Indian stock market

The broader indices ended in green with the BSE Mid cap index rising 1.19%, while the Small cap index was up by 1.30%. On the sectoral front, Metal was up by 4.49%, Consumer Durables up by 3.24%, Realty up by 2.55%, Basic Materials up by 2.22%, and Capital Goods up by 2.01%, while there were no losing sectoral indices on the BSE.

Also Read | Gold, silver and other metal prices on Thursday, July 7, 2022

Major gainers from the Sensex pack were Tata Company up by 5.69%, Tata Steel up by 4.88%, Larsen up by 3.52%, IndusInd Bank up by 2.93%, Mahindra up by 2.57%, ICICI Bank up by 2.19%, Kotak Mahindra up by 1.99%, HDFC Bank up by 1.99%, SBI up by 1.79 and Sun Pharma up by 1.44%.

Also Read | Harshad Mehta’s wife Jyoti brings Big Bull’s side of story to light

Among the losers were Dr. Reddy’s Labs down by 1.26%, Nestle down by 1.14%, Bharti Airtel down by 1.05%, Reliance down by 1.01%, Bajaj Finance down by 0.98%, Hindustan Unilever down by 0.90%, Bajaj Finserv down by 0.64%, Maruti Suzuki down by 0.42% and UltraTech Cement was down by 0.20%.

The rupee declined 19 paise to close at 79.13 against the US dollar.

Also Read | How to survive a market crash

In the Asian market, Tokyo, Seoul, Shanghai, and Hong Kong ended in the green. European stock markets were trading higher in mid-session deals. The US markets had ended higher on Wednesday.

“Domestic bourses mirrored an upbeat mood in global equity markets as investors digested the latest FOMC minutes while falling crude and commodity prices lifted investor sentiments. This upside momentum could dominate the markets in the near-term, underpinned by hopes of reducing inflation,” said Vinod Nair, Head of Research at Geojit Financial Services.

Also Read | Bank of Baroda share surges nearly 5% after signing MoU with IAF

The RBI’s latest measures to boost foreign exchange inflows are expected to aid the tumbling rupee, he added.

The Reserve Bank of India (RBI) on Wednesday raised overseas borrowing limits for companies and liberalized norms for foreign investments in government bonds as it announced a series of measures to boost foreign exchange inflows in efforts to curb the fall of the rupee.

Also Read | Titan share surges nearly 8% after reporting 205% jump in Q1 sales

Brent crude, the international oil benchmark climbed 0.05% to $100.7 per barrel.

According to stock exchange data, foreign institutional investors resumed selling after a day’s breather, offloading shares worth a net Rs 330.13 crore on Wednesday.