A day after taking breather, Indian stock market ended in the green on buying in financials, engineering, metals and IT counters.
The BSE Sensex ended higher by 95.61 points, or 0.28 per cent to 34,427.29. Likewise, the NSE Nifty index gained 39.10 points, or 0.37 per cent to 10,565.30.
As much as 60 per cent stocks in the Nifty index closed in green with Hindalco climbing nearly 9 per cent, followed by Vedanta (up 6.65 per cent), Tata Steel (up 3.29 per cent), YES Bank (up 2.89 per cent) and Bharti Airtel (up 2.64 per cent).
Rising crude oil prices continued to hurt oil marketing companies including BPCL, HPCL and IOC, which slipped up to 7 per cent. Brent and WTI, which are now sitting at levels not seen since the end of 2014, edged up further in the international market. Brent crude oil was trading nearly $74 per barrel.
Titan and HDFC also slipped 2.57 per cent and 0.89 per cent, respectively, on Thursday.
Vinod Nair, Head of Research, Geojit Financial Services said, “Market rallied owing to ease in global trade anxiety and RBIs stance on cut in inflation to 4.7-5.1 per cent in H1FY19 due to sharp moderation in food prices and expectation of normal monsoon. Policy was in consonance with the neutral stance and limited the chances of rate hike in the near term due to favourable domestic triggers and consequent decline in yield. On the other hand, volatility in oil price and rising interest rate globally may influence central bank to remain status quo."
Sectorwise, the BSE Metal, Capital Goods and IT index gained 4.46 per cent, 1.06 per cent and 0.92 per cent, respectively, whereas selling was visible in The BSE Oil & Gas as well as Consumer Durables.
Rising copper prices in the global commodity markets cheered metal and mining stocks back home.
Among stock specific, shares of IndusInd Bank closed 0.57 per cent down post financial results for the quarter ended March 2018. According to HDFC Securities, asset quality of the lender disappointed while earnings remained in line with expectations.
Tata Consultancy closed 1 per cent higher at Rs 3190.65 ahead of financial results for Q4FY18.
Elsewhere in Asia, shares in Hong Kong, Shanghai and Japan closed in green as fears over Syria and a possible China-US trade war eased.
The Hang Seng index closed 1.40 per cent up at 30,708.44, whereas Nikkei 225 settled 0.15 per cent up at 22,191.18. Shanghai Composite index ended 0.84 per cent up at 3,117.38.