Sensex Surges 905 Points, Nifty Closes Above 22,900 as Banking and Consumer Stocks Rally
MUMBAI–Indian stock markets rebounded sharply Thursday, with the benchmark Sensex climbing more than 900 points and the Nifty closing above 22,900 as strong buying in consumer goods, real estate and public sector banking stocks helped end a two-day losing streak.
The BSE Sensex gained 905.01 points, or 1.24%, to close at 74,151, while the NSE Nifty 50 advanced 237.90 points, or 1.05%, to settle at 22,936.75.
The rally reflected renewed investor interest in defensive sectors and banking shares, with broader market indices also posting gains.
Real estate stocks emerged as the strongest performers, with the Nifty Realty index rising 2.75%. The Nifty FMCG index, which tracks major fast-moving consumer goods companies, climbed 2.34%, while the Nifty PSU Bank index advanced 2.20% on strong demand for shares of state-owned lenders.
The gains suggested that investors were returning to sectors considered relatively resilient amid changing economic conditions.
Automobile stocks, however, lagged behind the broader market. The Nifty Auto index declined 0.24%, making it one of the few sectoral benchmarks to finish the session in negative territory.
The positive momentum extended beyond large-cap companies, with the Nifty Midcap 100 and Nifty Smallcap 100 indices each gaining approximately 1%.
Market analysts said the Nifty’s recovery above its 20-day moving average was an encouraging technical development, suggesting that buying momentum could continue in the near term.
The index also broke out of a recent consolidation pattern on its daily chart, strengthening expectations of additional gains.
“Although 23,000 remains an immediate hurdle, the current setup suggests a high probability of the index moving towards its previous swing high of 23,175,” market watchers stated.
Analysts identified the 23,000 level as the next immediate resistance point, while a sustained move above that threshold could open the door for further gains toward 23,175.
The 22,800 level was identified as an important support zone that could help determine whether the market’s recovery remains intact.
“As long as Nifty sustains above its 20-DMA and the crucial support zone of 22,800, the short-term outlook remains positive, with resistance at 23,175,” analysts noted.
The market’s recovery came as investors assessed monetary policy developments in the United States following the Federal Reserve’s decision to leave benchmark interest rates unchanged.
The U.S. central bank maintained its policy rate in the 3.75% to 4% range, a decision that also influenced currency market sentiment.
The Indian rupee traded with marginal strength against the U.S. dollar, gaining approximately 0.04% to reach 95.25.
Currency analysts expect the rupee to remain relatively stable in the near term, although movements in global interest rates and international capital flows could influence its direction.
“The rupee is expected to remain range-bound, with a near-term range of 94.75–95.75,” analysts stated.
Thursday’s gains provided relief to investors following two consecutive sessions of losses, with strong performances across consumer goods, real estate and banking stocks helping lift the broader market.
Market participants will now be watching whether the Nifty can break through the psychologically important 23,000 mark and sustain its recovery above key technical support levels. (Source: IANS)
