MUMBAI– Indian equity markets ended higher on Thursday, buoyed by strong buying in IT, pharma, and metal stocks. The rally was further supported by renewed investor confidence following the Trump administration’s clarification that it will not impose tariffs on generic drug imports from abroad.
The Sensex rose 398.44 points, or 0.49 percent, to close at 82,172.10, after opening at 81,900.00 and touching an intraday high of 82,247.73. The broader Nifty 50 gained 135 points, or 0.54 percent, to finish at 25,181.80.
Pharma stocks led the rally, with the Nifty Pharma index surging 228 points, or 1.05 percent, on the back of easing concerns over U.S. trade policy. Analysts noted that the Nifty index formed a bullish candle on the daily chart, finding support at its 21-day moving average near 25,000 and facing resistance around 25,200.
“The immediate support has now shifted higher to 25,000, and as long as the index stays above this level, a move toward 25,400 in the October series appears likely,” analysts said.
Among the top Sensex gainers were Tata Steel, HCL Tech, Ultratech Cement, BEL, Sun Pharma, Trent, TCS, Kotak Bank, L&T, Infosys, Hindustan Unilever, and NTPC. Axis Bank, Titan, and HDFC Bank were the only major laggards.
Most sectoral indices closed in positive territory amid value buying. Nifty Fin Services gained 67 points (0.25 percent), Nifty Bank advanced 173 points (0.31 percent), Nifty Auto added 64 points (0.24 percent), Nifty FMCG climbed 217 points (0.40 percent), and Nifty IT rallied 396 points (1.12 percent).
The broader market mirrored the upbeat sentiment. Nifty Smallcap 100 jumped 109 points (0.61 percent), Nifty Midcap 100 surged 563 points (0.97 percent), and Nifty 100 rose 139.80 points (0.54 percent).
Meanwhile, the rupee traded flat at 88.76, showing limited volatility as foreign institutional investor (FII) selling eased and crude oil prices remained stable.
“However, the currency continues to hover near lower levels, raising concerns of further depreciation toward the 90 mark if global sentiment weakens. Focus for the next few days will be on Fed Chair Powell’s speech and key U.S. data on unemployment and nonfarm payrolls, which could trigger volatility in the forex market,” said Jateen Trivedi of LKP Securities. (Source: IANS)
