Mumbai

Benchmarkequity indices bounced back on Thursday, with the Sensex climbing 628 points and the Nifty snapping its seven-day losing streak as easing global bond yields fueled a stock rally worldwide.

The 30-share BSE Sensex jumped 628.04 points, or 0.82 per cent, to settle at 77,537.72 after four days of decline. During the day, it surged 701.43 points, or 0.91 per cent, to 77,611.11. Snapping its seven-day falling streak, the 50-share NSE Nifty rose by 153.55 points, or 0.64 per cent, to close at 24,231.85.

“Markets found much-needed relief after the US Treasury stepped in to contain the surge in global bond yields, triggering a strong broad-based rebound and ending the domestic market’s week-long losing streak. The intervention has dragged down the dollar, which, along with a firmer rupee and easing yield pressures, boosted attractiveness to EMs,” Vinod Nair, Head of Research, Geojit Investments Ltd, said. The recovery was widespread across sectors, driven primarily by strength in IT and financial stocks, as a cooling yield environment supports spending, he said. “Yet, the market’s optimism remains guarded as stubbornly high crude oil prices, driven by unresolved US-Iran tensions, continue to cast a shadow over inflation and corporate profitability,” Nair added. Among the Sensex firms, Eternal, Kotak Mahindra Bank, ITC, Bajaj Finance, Axis Bank and UltraTech Cement were the biggest winners. Tata Steel, InterGlobe Aviation, HCL Tech and Titan were the laggards. “Indian equity markets ended higher on Thursday, snapping a seven-session losing streak—the longest in nearly 11 months—as easing global bond yields revived risk appetite and encouraged investors back into equities.