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Sensex surges 99 points, defies weak global and uncertainty over US debt issue

Mumbai (Maharashtra) [India], May 25 (ANI): Domestic benchmark indices made gains on Thursday and recovered losses in the previous session. The stocks ended in the green today, defying weak global cues as well as the uncertainty over the possibility of default on US debt.

According to data available on BSE, 1,875 stocks gained, 1,615 dropped and 121 were unchanged, with an advance decline ratio of 1.16, indicating a negative closing of stocks in broader markets.

BSE 30-share Sensex went up 99 points and settled at 61,872.62, whereas NSE Nifty 50 gained 36 points and ended at 18,321.15 on Thursday.

In sectoral indices, Nifty Media, Nifty PSU Bank and Nifty Energy were among the biggest losers. Nifty Infrastructure, Nifty FMCG and Nifty Metal were among the biggest gainers.

Majority of the sectors made a U-turn in the last hour to trade in the positive territory. FMCG and Realty remained stable throughout the session and led the sectoral indices. According to data, PSU Bank sector was the biggest laggard as it shed almost 0.5 per cent.

Adani Enterprises, ITC, Bajaj Auto, Bharti Airtel and Divis Laboratories were among the biggest gainers on the Nifty, while some of the laggards were Tata Motors, Wipro, UPL, Sun Pharma and HDFC.

Maruti Suzuki shares went 0.12 per cent. The company had announced tying-up with Cholamandalam Investment and Finance for dealer financing solutions.

In the US markets, Dow Jones lost 10 points, Nasdaq grew 152 points, NYSE lost 49 points and S and P surged 20 points on Thursday.

In the Asian markets, Hong Kong's Hang Seng lost 369 points, S and P ASX lost 76 points, Japan's lost 118 points, Thailand Set and China's Shanghai were trading in the negative territory while Philippine Stock Exchange was trading 55 points down.

In the European markets, CAC 40, Deutsche Borse, FTSE and IBEX were trading in the negative territory, Amsterdam Exchange was trading in the positive territory and FTSE 250 MID INDEX was trading in the red.

In the forex markets, the India rupee ended 7 paise lower against the US dollar on Thursday.

At the interbank foreign exchange, the local unit opened at 82.76 against the dollar, and settled at 82.75. It was 7 paise down from its previous close of 82.68 against the dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.13 per cent to 104.02.

Vinod Nair, Head of Research at Geojit Financial Services, said, "Global markets maintained their influence, exerting downward pressure on the domestic market in response to weaker cues from the US market and the recession in Germany. However, as US futures rose, propelled by a sharp increase in sales projections from chipmaker Nvidia, the domestic market was able to efficiently recoup its earlier losses."Investors turned buyers in the last hour of the session on Thursday.

Domestic Institutional Investors were net buyers with Rs 338.44 crore while foreign Institutional Investors had bought shares to the tune of Rs 589.10 crore. (ANI)