Mumbai– Indian stock markets closed sharply higher on Thursday, with benchmark indices Sensex and Nifty each gaining over 1 percent, driven by strong buying in banking and heavyweight stocks. Investor sentiment was buoyed by signs of stability in the Middle East following a ceasefire, easing concerns over supply chain disruptions.
The Sensex jumped 1,000.36 points, or 1.21%, to settle at 83,755.87, after hitting an intraday high of 83,812.09 and a low of 82,816.26. The Nifty gained 304.25 points, or 1.21%, ending at 25,549.00, with an intraday range between 25,259.90 and 25,565.30.
“Nifty has broken out above its recent consolidation range on the daily chart, signaling increased optimism among traders and investors,” said Rupak De of LKP Securities. “With this breakout, we maintain a bullish outlook going forward.”
Top gainers on the Nifty included Shriram Finance, Tata Steel, Bharti Airtel, and Hindalco Industries, which rose between 2.48% and 3.69%. On the downside, Dr. Reddy’s Laboratories, Tech Mahindra, Wipro, SBI, and Hero MotoCorp slipped between 0.45% and 1.31%.
While frontline stocks rallied, broader markets showed some strain. The Nifty Midcap100 declined 0.59% and the Nifty Smallcap100 fell 0.42%, indicating pressure on mid- and small-cap stocks.
Banking stocks led the charge, with the Bank Nifty touching an intraday high of 57,263.45 before closing at 57,206.70, up 1.03%. Among sectoral indices, all ended in the green except for Realty, IT, and Media.
Nifty Metal emerged as the top sectoral performer, gaining 2.31%, followed by strong advances in Private Bank, Financial Services, and Oil & Gas, each up over 1%.
On the currency front, the Rupee appreciated by 33 paise to close at 85.75 against the U.S. dollar, supported by a sharp decline in the dollar index, which fell below the 97.00 mark.
“Declining crude oil prices and a weaker dollar provided solid support to the rupee,” noted Jateen Trivedi of LKP Securities. “With global risk sentiment improving and potential fund inflows, the rupee could strengthen further toward 85.25 in the coming days.”
Gold prices remained range-bound, with dollar weakness offering some support, while the Federal Reserve’s stance on holding interest rates tempered bullish momentum. Trivedi expects MCX Gold to trade in a band of ₹95,500 to ₹98,500 in the near term. (Source: IANS)
