Indian stocks jumped nearly 2 percent on Thursday to end at 1-month closing high, driven by a surge in financials for a second day, while a broadly positive global mood also helped the rally. The Sensex ended 595 points higher at 32,200 while the Nifty50 rose 175 points to settle at 9,490.

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Asian shares and US stock futures also rose as growing optimism about economic recovery from the pandemic trumped immediate concerns about a standoff between the United States and China over Hong Kong.

Back home, Nifty Bank surged over 2 percent, extending yesterday's gains of over 7 percent, while Nifty Fin Services was also up 2.7 percent. The sentiment was also upbeat as the auto index rose over 3.2 percent and Nifty Metal added 2.3 percent. Nifty FMCG and Nifty IT also rose over half a percent each.

Among stocks, Zee, Eicher Motors, L&T, Hero MotoCorp, and HDFC Bank were the top gainers on the Nifty50 index while Wipro, ITC, Cipla, SBI, and JSW Steel led the losses. Market breadth was in favour of advanced with the advance-decline ratio at 5:2.

Eicher Motors gained over 7 percent after the company announced its stock split plan that would make it affordable for retail investors. The stock traded at its highest level since March 20, 2020.

Ujjivan Financial Services shares rally nearly 8 percent after the company reported a jump of 80 percent in its consolidated net profit to Rs 77.43 crore in the March quarter. The company had posted a net profit of Rs 43.15 crore during the same quarter last year.

First Published:May 28, 2020 3:36 PM IST