Sensex closes 448 points higher, Nifty reclaims 9,500 level

The Indian market on Thursday closed amid global markets hitting record highs and the dollar falling after the US Federal Reserve signalled caution in raising interest rates. Oil prices rose in anticipation of top producers agreeing to extend output cuts for up to a year.

While the Sensex closed 448 points or 1.48 percent higher, Nifty reclaimed the crucial 9,500 level and closed 1.59 percent or 149 points higher at 9509 level.

Short-covering of bets, today being the last session of May expiry in the derivatives segment, supported the recovery.

On the 30-stock Sensex, 26 closed higher with Larsen and Toubro (4.69 percent), HDFC Bank (3.10 percent), and ICICI Bank (3.06 percent) being the top gainers.

Market breadth was positive with 1878 stocks closing higher against 805 falling on the BSE.

Lupin was the top loser, falling 7.31 percent or 89 points to 1137.95 level.

The TCS stock closed 2.59 per cent or 66 points higher at 2,624 level on the BSE amid the firm's ongoing Rs 16,000 crore mega buyback offer from May 18. The offer will close on May 31.

Top gainers on the BSE were Sintex and JP Associates, rising 38 percent and 22.5 percent, respectively.

Dish TV (10.72 percent) and Videocon Industries (9.94 percent) were the top losers on the BSE.

The Videocon Industries stock closed at Rs 52.55, after Central Bank of India too declared its loan exposure to the Mumbai-based firm as a non-performing asset (NPA). Videocon Industries has a loan of Rs 2,700 crore from Central Bank of India.

Global markets

European shares opened higher, but quickly dipped into negative territory. The pan-European STOXX 600 index was last down 0.3 percent, led lower by resources companies .SXPP after a 4 percent drop in iron ore on China's Dalian Commodity Exchange.

Earlier, Asian stocks, as measured by MSCI gained almost 1 percent to a two-year high after the U.S. S&P 500 index hit a closing record on Wednesday. This helped push MSCI's 46-country world stock index to a record high of 464.38 percent, up 0.3 percent on the day.