NIFTY50 snaps seven-day losing streak, SENSEX surges over 600 points

The Indian equity benchmarks ended sharply higher on Thursday, August 20. The National Stock Exchange's (NSE) benchmark NIFTY50 index snapped its seven-day losing streak and SENSEX surged as much as 701 points mirroring gains in global markets.

The SENSEX ended 628 points higher at 77,537.72 and NIFTY50 index surged 154 points or 0.64% to close at 24,231.85.

Asian markets ended higher tracking an overnight surge in US stocks. Japan's Nikkei rose 1.5%, China's Shanghai Composite index advanced 0.24%, Hong Kong's Hang Seng gained 0.8% and South Korea's KOSPI index climbed 5.89%.

Back home, HDFC Bank, ICICI Bank, Bharti Airtel, Reliance Industries, Eternal, Axis Bank and Larsen & Toubro were top movers in the SENSEX, they collectively contributed over 320 points towards gain in the SENSEX.

Buying was broad-based as all the major sector gauges compiled by the NSE ended higher led by the NIFTY Media's index's 2.13% gain. NIFTY Realty, Private Bank, Pharma, Metal, Consumer Durables, IT, FMCG, Financial Services and Bank indices also rose between 0.3% and 1.4%.

Broader markets also witnessed buying interest as NIFTY Midcap 100 index advanced 0.41% and NIFTY Smallcap 100 index gained 0.7%.

Among the individual shares, Shiprocket gained as much as 9.4% to hit the session’s peak of ₹155.69 after global investment major Goldman Sachs picked up a stake in the company through a bulk deal transaction.

NSE bulk deal data showed that global investment firm Goldman Sachs purchased 40,24,040 (over 40 lakh) equity shares through its entity named Goldman Sachs India Equity Portfolio, during the trading session on Wednesday, August 19.

Aditya Birla Capital rose as much as 3.6% after the company said it has forayed into the gold loan business.

The company's NBFC business entered into the Gold Loan business, marking a strategic expansion of its secured lending portfolio, according to a regulatory filing.

Strides Pharma rallied 10% after the United States Food and Drug Administration (USFDA) ended its inspection at its Bengaluru facility.

In a regulatory filing, Strides said that its flagship manufacturing facility in Bengaluru has received the Establishment Inspection Report (EIR) from USFDA, indicating the successful closure of the inspection conducted at the facility.

Eternal was top gainer in the NIFTY50 index, the stock rose 2.5% to close at ₹328. Shriram Finance, Kotak Mahindra Bank, ITC, Bajaj Finance, Axis Bank, Bajaj Auto, Cipla, Ultratech Cement and JSW Steel also rose between 1% and 2%.

On the flip side, Tata Consumer Products, Hindalco, IndiGo, HCL Technologies, Nestle India, Tata Motors PV, Tata Steel and Asian Paints were top losers in the NIFTY50 index.

The overall market breadth was positive as 2,108 shares ended higher while 1,405 closed lower on the NSE.