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Mumbai. Amid fluctuations in the domestic stock markets, there was a rise for the second consecutive day on Thursday and the Sensex closed with a rise of about 790 points. The market got strengthened due to buying in telecom, pharmaceutical and private banking stocks. BSE’s 30-share benchmark index Sensex closed at 75,398.72 points with a gain of 789.74 points, or 1.06 percent. Sensex started the session strong but soon moved into negative territory.

However, it rose by more than 1,000 points at one point to 75,681.88 points as buying in telecom and banking stocks returned. At the same time, NSE’s standard index based on 50 shares Nifty also rose by 277 points or 1.18 percent and closed at 23,689.60 points. In this way, the bullish trend in the market continued for the second consecutive day. Among Sensex companies, Bharti Airtel had the highest rise of more than five percent.

Investor interest increased after the company’s annual revenue crossed Rs 2 lakh crore for the first time. Apart from this, shares like HDFC Bank, Sun Pharma, Adani Ports, Bajaj Finance, Mahindra & Mahindra, NTPC, Kotak Mahindra Bank, Titan, ITC and SBI also registered gains. Whereas shares of Infosys, Tech Mahindra, HCL Technologies, TCS, Hindustan Unilever, Axis Bank and Maruti Suzuki declined.

Vinod Nair, head of research at Geojit Investments, said, “Despite the rupee hitting a record low and high crude oil prices, the market made a strong comeback from the day’s low.” Nair said investor confidence was boosted by expectations of possible steps by the government to manage the rupee’s weakness, such as bond tax relief for foreign investors and measures to curb capital outflows. Other markets in Asia were mixed.

China’s Shanghai Composite and Japan’s Nikkei closed down while Hong Kong’s Hang Seng remained stable. South Korea’s Kospi remained in the lead. European markets were trading higher in afternoon trading. American markets also closed mostly with gains on Wednesday. Global oil benchmark Brent crude rose nearly one percent to $106.48 per barrel.

Meanwhile, the rupee slipped to its lowest level of 95.73 per dollar (provisional) due to higher crude oil prices and foreign capital outflows. According to stock market data, foreign institutional investors (FIIs) sold shares worth Rs 4,703.15 crore on Wednesday, while domestic institutional investors (DIIs) bought shares worth Rs 5,869.05 crore.

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