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Closing Bell: Sensex, Nifty end higher after 2 sessions of losses; metal, banks gain most

Closing Bell: Sensex, Nifty end higher after 2 sessions of losses; metal, banks gain most

Closing Bell: Sensex, Nifty end higher after 2 sessions of losses; metal, banks gain most
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By CNBCTV18.com Apr 16, 2020 3:37:15 PM IST (Published)

The Sensex ended 223 points higher at 30,602 while the broader Nifty settled 67 points higher at 8,993.

Indian indices ended higher on Thursday after two sessions of losses led by gains in banks and financial stocks. The Sensex ended 223 points higher at 30,602 while the broader Nifty settled 67 points higher at 8,993. Index heavyweights ICICI Bank, HDFC, RIL, HDFC Bank, and L&T contributed the most to the gains.

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Meanwhile, Asian stock markets were also under pressure after data showed US retail sales fell the most on record last month and manufacturing output fell by the most in 74 years, raising fears of a deep recession.
The sentiment was also positive after the government said that it will allow the opening up of some industries in rural areas after April 20 to reduce the distress caused to millions of people because of a prolonged lockdown to halt the spread of coronavirus.
The rupee declined in line with emerging market peers amid worries of a steep global recession due to the pandemic and hit a record low of 76.82 against the dollar.
The broader markets outperformed benchmarks with Nifty Midcap and Nifty Smallcap indices up 2 percent and 3 percent, respectively.
Among stocks, NTPC, Vedanta, Hindalco, ICICI Bank, and Titan rose the most on the Nifty index, while HCL Tech, Tech Mahindra, Kotak Bank, Bharti Airtel and Bharti Infratel led the losses.
While private banks, auto, metals, and pharma indices were positive for the day, IT and FMCG indices ended in the red. IT stocks declined on week Wipro Q4 earnings. HCL Tech, Tech Mahindra, Infosys, and TCS fell between 1-4 percent for the day.
Software services company Wipro on Wednesday said it would not forecast revenue for the next quarter because of the uncertain market conditions caused by the pandemic, and warned of “huge pressure” on margins in the fiscal first quarter to end-June.
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