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Mumbai There was a strong rise in the domestic stock market on Thursday. BSE Sensex rose 628.04 points or 0.82 percent to close at 77,537.72. At the same time, NSE Nifty reached 24,231.85 points with a gain of 153.55 points or 0.64 percent. With this, the decline in Nifty that had been going on for seven consecutive trading sessions was put to a halt.

Sensex rose by 701 points during trading

The Sensex had reached 77,611.11 points with a gain of 701.43 points or 0.91 percent during trading. The sentiment in the domestic market was strengthened due to rise in global markets, softening of bond yields and buying by foreign institutional investors. According to Vinod Nair, head of research at Geojit Investments, the market got relief from the move to control the rise in global bond yields. Along with this, strengthening of rupee and softening of bond yields increased the attractiveness of investment in emerging markets.

There was a rise in IT and banking shares

The rise in the market was widespread. Shares of information technology (IT) and financial companies led the gains. Eternal, Kotak Mahindra Bank, ITC, Bajaj Finance, Axis Bank and UltraTech Cement were the biggest gainers in the Sensex. At the same time, shares of Tata Steel, InterGlobe Aviation, HCL Tech and Titan closed in decline. According to stock market data, foreign institutional investors (FIIs) bought shares worth Rs 407.99 crore in the Indian stock market on Wednesday. This also supported the market sentiment.

Concern over crude oil prices continues

Hariselvan Radhakrishnan, Founder and CEO of HST Wealth, said the softening of global bond yields increased investors' risk appetite. However, high crude oil prices and US-Iran tensions remain a concern over inflation and corporate profits. Global oil benchmark Brent crude rose 2.67 percent to $93.91 per barrel.

Asian market also in growth

Among the major markets of Asia, South Korea's Kospi, Japan's Nikkei, China's Shanghai SSE Composite and Hong Kong's Hang Seng closed with gains. At the same time, there was mostly a decline in the afternoon trading in the major markets of Europe. American markets closed with gains on Wednesday. Earlier on Wednesday, Sensex fell by 325.78 points and closed at 76,909.68 points and Nifty fell by 76.60 points at 24,078.30 points.

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