Sensex Rebounds 238 Points as Realty, PSU Bank Stocks Lift Markets

Mumbai — Benchmark equity indices rebounded Thursday, with the Sensex gaining more than 238 points and the Nifty closing above 23,960 as buying in realty, consumer durables and PSU bank stocks lifted investor sentiment.

The Sensex rose 238.22 points, or 0.31 percent, to settle at 76,741.82. The Nifty advanced 80.75 points, or 0.34 percent, to close at 23,962.80.

Commenting on the Nifty’s technical outlook, market experts said the 24,100–24,200 range remains an immediate resistance zone.

“A decisive close above this band is essential to confirm a bullish breakout and pave the way for a potential recovery towards the 24,400 level,” an analyst said.

“On the downside, 23,900 continues to act as a crucial near-term support. A sustained break below this level could intensify selling pressure, exposing the index to further downside towards the 23,800–23,600 zone,” a market expert said.

Among Nifty constituents, Sun Pharmaceutical Industries, Bajaj Finserv and Bharti Airtel were among the top gainers, supporting the market’s recovery.

The broader market outperformed the benchmark indices, with the Nifty MidCap index ending 1.38 percent higher and the Nifty SmallCap index rising 1.80 percent.

Sectorally, the Nifty Realty index led the gains, followed by Nifty Media, Nifty Consumer Durables and Nifty PSU Bank, all of which ended in positive territory. Nifty IT was the biggest laggard, limiting the overall gains.

Experts said the day’s performance reflected renewed investor interest in domestic-facing sectors, while strength in the broader market outweighed weakness in information technology stocks.

“Domestically, sentiment remains relatively resilient, underpinned by an improved outlook for H2, a recovery in rainfall conditions, and better valuation levels. That said, the latest US Fed minutes flagged renewed inflation concerns, which could weigh on the performance of the global market,” a market expert said. (Source: IANS)