Mumbai— Indian stock markets surged sharply on Thursday, extending their winning streak for a fourth consecutive session, fueled by strong buying in banking and heavyweight stocks. The benchmark indices closed at fresh highs, with the Bank Nifty inching close to its all-time peak.
The BSE Sensex opened marginally lower at 76,968 and dipped to an early low of 76,666 before staging a strong comeback. It soared as much as 1,951 points from the day’s low to touch an intra-day high of 78,617, ultimately closing with a gain of 1,509 points, or 1.96%, at 78,553.
The NSE Nifty followed a similar trajectory, rebounding from an intraday low of 23,299 to hit a high of 23,872. It settled 414 points higher at 23,852, marking a 1.8% gain for the day.
Top gainers on the Nifty included Bharti Airtel, ICICI Bank, Bajaj Finance, Sun Pharma, and Eicher Motors. Meanwhile, Wipro, Hero MotoCorp, Tech Mahindra, and JSW Steel saw some profit-taking and ended in the red.
All major sectoral indices ended in positive territory, with telecom, PSU banks, oil & gas, pharmaceuticals, auto, energy, and private banks posting gains between 1% and 2%. The broader market also held firm, with the BSE Midcap and Smallcap indices each advancing around 0.5%.
Ruchit Jain, Vice President of Technical Research at Motilal Oswal, said the rally appears to be more than just a short-term rebound. “This move is supported by strong participation from large-cap stocks, especially in the banking and financial sectors,” he noted. “The Bank Nifty is now trading near its all-time high, indicating strong sectoral momentum.”
The Indian rupee also strengthened, rising 31 paise to close at 85.37 against the U.S. dollar, compared to Wednesday’s close of 85.68.
Despite lingering global concerns, domestic investor sentiment remained buoyant, bolstered by robust buying in index heavyweights and optimism about India’s economic outlook. (Source: IANS)
