Business News: Recovery from low levels in the stock market, Sensex jumped 535 points.

After the initial slowness, the market showed a rise on the fourth trading day of the week. On Thursday, the Sensex jumped by almost 1000 points from the day’s lows. On the day of weekly expiry, the Sensex strengthened by 535.15 (0.73%) points and closed at the level of 73,158.24. At the same time, Nifty rose by 162.41 (0.74%) points and closed at the level of 22,217.45. After falling on Wednesday, Nifty again reached a new high on Thursday. During this period, strength was recorded in the shares of ITC and TCS.

During Thursday’s trading session, 22 Sensex stocks closed in the green and the index reached a high of Rs 73,256.39 during the day’s trading. On the other hand, 25 Nifty stocks closed in the green. Nifty reached a high of 22,252.50.

Vinod Nair, Head of Research, Geojit Financial Services, said, “The domestic market showed recovery from the day’s low. Investors are encouraged by positive PMI data from Eurozone and impressive earnings reports from US tech companies. The broader market showed resilience as India in February As economic activity continued to expand, both services and manufacturing PMIs improved, leading the market to outperform.

BSE’s midcap index registered a rise of 0.92 per cent, largecap index 0.81 per cent and smallcap index 0.54 per cent. Among Sensex companies, HCLTech gained the most by 3.12 percent. Whereas ITC was up by 2.73 percent and Mahindra & Mahindra was up by 2.61 percent. TCS rose 2.44 percent. Other major gainers included Tech Mahindra, Wipro, L&T and Maruti.

However, selling was seen in shares of major banks. Shares of IndusInd Bank closed with a decline of 1.87 percent. A decline of 1.28 percent was recorded in HDFC Bank, 1.11 percent in Kotak Mahindra Bank and 0.73 percent in SBI. Among other stocks, Hindustan Unilever, Bharti Airtel and Bajaj Finance closed with losses. In Asian markets, Japan’s Nikkei 225 index rose more than two percent to an all-time high. Hong Kong’s Hang Seng and China’s Shanghai Composite also closed with gains.

European shares were also mostly trading with gains. Earlier on Wednesday, after the release of the minutes of the January meeting of the Federal Reserve in America, most of the stocks closed in the green. Fed minutes show most policymakers during the meeting were concerned about the risks of cutting interest rates.