Indian equity benchmarks scaled new one-month highs on Thursday amid gains across most sectors, as a decline in oil prices from recent peaks eased some of the concerns about red-hot inflation. The focus shifted to corporate earnings, with Tata Consultancy Services (TCS) set to report its financial results on Friday.

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NSE

Both headline indices rose around one percent each before closing their highest closing levels since June 10.

The Sensex jumped 503.8 points or 0.9 percent to touch 54,254.8 at the strongest level of the day, and the Nifty50 climbed to as high as 16,150.5, up 160.7 points or one percent from its previous close.

"Domestic bourses mirrored an upbeat mood in global equity markets as investors digested the latest FOMC minutes while falling crude and commodity prices lifted investors' sentiment. This upside momentum could dominate the market in the near term, underpinned by hopes of easing inflation," said Vinod Nair, Head of Research at Geojit Financial Services.

A total of 38 stocks in the Nifty50 basket closed in the green. Hindalco, Titan, Tata Steel, JSW Steel, Tata Motors, Larsen & Toubro and IndusInd — rising around 3-7 percent — were the top gainers.

ICICI Bank, HDFC Bank, L&T, Titan and Kotak Mahindra Bank contributed more than 300 points to the gain in the 30-scrip index.

On the other hand, Dr Reddy's, Nestle, Cipla, Bharti Airtel and Hindustan Unilever were the worst hit among blue-chip laggards.

Overall market breadth remained in favour of the bulls throughout the day. A total of 1,461 stocks rose and 600 fell on NSE at the close.

Global markets

European shares rose on Thursday amid gains in economy-sensitive and chipmaker stocks, as investors awaited minutes of the ECB's last policy review for more clarity on interest rates. The pan-European Stoxx 600 index was up 1.2 percent at the last count.

S&P 500 futures were up 0.3 percent, suggesting a higher start ahead on Wall Street.