India's benchmark stock indices ended higher as they recovered after drifting lower amid volatility on Wednesday.
European stocks rose alongside Asian shares. The Hong Kong market rallied on a planned revamp of Alibaba Group Holdings Ltd. that bodes well for Chinese technology companies. U.S. equity futures also advanced. Investors rushed back to Alibaba shares and other large tech companies that have been stung by a crackdown from Beijing over the past two years. Asian stocks rose for a second day as benchmarks in Japan and Australia also gained.
The S&P BSE Sensex closed 346 points higher, or 0.60%, at 57,960.09, while the NSE Nifty 50 gained 129 points, or 0.76%, to end at 17,080.70.
Adani Enterprises Ltd., Axis Bank Ltd., Hindustan Unilever Ltd., Housing Development Finance Corp. and HDFC Bank Ltd. were among the gainers among the Nifty 50 constituents.
Whereas Reliance Industries Ltd., Bharti Airtel Ltd., Asian Paints Ltd., ICICI Bank Ltd., and UPL Ltd. were among the laggards.
All Adani Group company stocks advanced in trade, except Adani Transmission Ltd., Adani Green Energy Ltd., and Adani Total Gas Ltd.
The broader market indices outperformed the larger peer with the S&P BSE MidCap ending with 1.67% gains and the S&P BSE SmallCap closing with 1.68% gains.
Nineteen out of 20 sectors compiled by BSE Ltd. advanced, while S&P BSE Oil and Gas declined.
The market breadth was skewed in favour of buyers. About 2,189 stocks rose, 1,328 declined, and 121 remained unchanged on the BSE.
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