MUMBAI–Indian stock markets rebounded sharply Thursday, with the benchmark Sensex climbing more than 900 points and the Nifty 50 closing above 22,900, supported by strong buying in consumer goods, real estate and public sector banking stocks.
The BSE Sensex ended the trading session at 74,151, gaining 905.01 points, or 1.24%, and snapping a two-day losing streak.
The NSE Nifty 50 advanced 237.90 points, or 1.05%, to close at 22,936.75, reflecting renewed investor interest in several major sectors.
The rally extended beyond large-cap stocks, with broader market indices also posting gains. Both the Nifty Midcap 100 and Nifty Smallcap 100 rose approximately 1%, indicating positive market sentiment across companies of different sizes.
Real estate and fast-moving consumer goods (FMCG) stocks led the sectoral gains.
The Nifty Realty index climbed 2.75%, making it the strongest-performing sector during the session, while the Nifty FMCG index advanced 2.34%.
Public sector banking stocks also attracted substantial buying interest, pushing the Nifty PSU Bank index up 2.20%.
Automobile stocks, however, lagged behind the broader market. The Nifty Auto index declined 0.24%, making it one of the few major sectoral indices to finish the session in negative territory.
Market analysts pointed to improving technical indicators as a sign that the Nifty could maintain its upward momentum in the near term.
The index moved back above its 20-day moving average, a widely followed technical measure used to assess short-term market trends.
Analysts said the recovery, combined with a breakout from a recent period of consolidation, suggested an improvement in the market’s underlying price structure.
“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.
The 23,000 level is viewed as an important near-term resistance point, while 23,175 represents a potential upside target if buying momentum continues.
Analysts identified 22,800 as a key support level that could help sustain the market’s recovery.
“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.
Meanwhile, the Indian rupee showed marginal strength against the U.S. dollar, gaining approximately 0.04% to trade near 95.25.
The currency’s relatively stable performance followed the U.S. Federal Reserve’s decision to leave its benchmark interest rate unchanged in the 3.75% to 4% range.
Currency market analysts expect the rupee to continue trading within a relatively narrow range in the immediate future.
“The rupee is expected to remain range-bound, with a near-term range of 94.75–95.75,” analysts stated.
Thursday’s gains marked a recovery for Indian equities after two consecutive sessions of declines, with strong performances in consumer goods, real estate and government-owned banking stocks helping lift the major benchmarks.
Investors are expected to monitor corporate earnings, global interest rate developments and technical resistance levels as markets assess whether the latest rebound can develop into a sustained rally. (Source: IANS)
