MUMBAI, India — Indian stock markets snapped a three-day losing streak on Thursday, rebounding after the U.S. Federal Reserve announced a 25-basis-point interest rate cut that lifted global investor sentiment.
At the close, the Sensex rose 426.86 points, or 0.51 per cent, to end at 84,818.13. The Nifty climbed 140.55 points, or 0.55 per cent, finishing at 25,898.55.
Analysts said the recovery could continue if the Nifty decisively closes above the 25,950–26,000 zone. “Such a breakout can open the path towards 26,150–26,250, where the upper channel resistance converges with prior swing highs,” they noted. On the downside, the 25,735–25,700 range remains the key support, with secondary support at 25,600.
Several heavyweight stocks helped drive the rebound. Tata Steel, Eternal, Kotak Mahindra Bank, UltraTech Cement, Maruti Suzuki India, Sun Pharma, Tech Mahindra and TMPV were among the top gainers on the Sensex, rising up to 2.5 per cent.
However, Asian Paints, Bajaj Finance, Axis Bank, Power Grid, ICICI Bank and Titan ended in the red.
Broader markets also strengthened. The Nifty Midcap 100 index advanced 0.97 per cent, while the Nifty SmallCap 100 gained 0.81 per cent, reflecting positive momentum beyond the large-cap space.
Sector performance was mixed. The Nifty Media index was the biggest laggard, slipping 0.9 per cent, while the Nifty Oil and Gas index closed marginally lower by 0.03 per cent. In contrast, metal and auto stocks witnessed strong buying interest, with the Nifty Metal index rising 1.06 per cent and the Nifty Auto index up 1.11 per cent. The Pharma and Consumer Durables indices also closed nearly 1 per cent higher.
Market observers said domestic equities rebounded broadly in response to the Fed’s expected 25-bps rate cut, even as U.S. inflation remains elevated. “The decline in U.S. 10-year yields indicates a moderation in future FII outflows, which bolstered sentiment,” experts said. (Source: IANS)
