Mumbai — Indian equity benchmarks rebounded Thursday, with the Sensex rising 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 gained 238.22 points, or 0.31 percent, to close at 76,741.82. The Nifty advanced 80.75 points, or 0.34 percent, to settle at 23,962.80.
Market analysts said the Nifty’s immediate resistance remains in the 24,100 to 24,200 range.
“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, experts said 23,900 remains a key near-term support level.
“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 stocks, Sun Pharmaceutical Industries, Bajaj Finserv and Bharti Airtel were among the top gainers, supporting the market’s recovery.
The broader market outperformed the benchmarks. The Nifty MidCap index rose 1.38 percent, while the Nifty SmallCap index gained 1.80 percent.
Sectorally, the Nifty Realty index led gains, followed by Nifty Media, Nifty Consumer Durables and Nifty PSU Bank. The Nifty IT index was the biggest laggard, limiting overall gains.
Experts said the session reflected renewed investor interest in domestic-facing sectors, with broader market strength offsetting 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)
