Among the sectors, energy, FMCG, finance, IT, bank and oil & gas indices were the top contributors to the rally.
However, basic materials, pharma, industrials, telecom, capital goods, consumer durables and realty remained subdued, defying positive market sentiment.
Here’re five key factors that fuelled the rally on Dalal Street on Thursday.
Markets witnessed some short covering in the later part of the session.
HDFC twins rallied
HDFC Bank and HDFC add more than 200 points in the BSE Sensex on Friday. HDFC Bank scaled fresh all-time high of Rs 2,150, as the counter witnessed robust buying ahead of the opening of FII buying window on June 1. On the other hand, country’s biggest mortgage lender jumped over 2 per cent on Thursday.
Positive global cues
Asian peers mostly in green as oil prices rebounded, Italy’s political turmoil eased and Chinese data topped forecasts. Chinese shares posted strong gains as investors cheered upbeat manufacturing and non-manufacturing data. Japanese shares closed higher on bargain hunting as concerns about Italy’s political turmoil receded. Firm opening of European markets further lifted market mood on Thursday.
Monsoon and GDP
Predictions of normal southwest monsoon rains and expectations of an improved gross domestic product data due later in the day pushed the key Indian equity indices higher on Thursday.
With Rs 14,000 crore GST refunds of exporters stuck in limbo, optimism also spread on the street after the CBIC laid down procedure for revenue officers to fast-track clearances of exporters’ refunds.
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