Mumbai— Indian stock markets rallied sharply on Thursday, logging their fourth consecutive day of gains, driven by robust buying in banking and heavyweight stocks. The surge pushed key indices to new highs, with the Bank Nifty nearing its all-time peak.
The BSE Sensex opened slightly lower at 76,968 and slipped to an early low of 76,666 before staging a dramatic rebound. It soared as much as 1,951 points from the day’s low to hit an intraday high of 78,617, ultimately closing with a gain of 1,509 points, or 1.96%, at 78,553.
The NSE Nifty followed suit, jumping from an intraday low of 23,299 to a high of 23,872, before settling 414 points higher at 23,852—up 1.8% for the day.
Top performers on the Nifty included Bharti Airtel, ICICI Bank, Bajaj Finance, Sun Pharma, and Eternal. Meanwhile, Wipro, Hero MotoCorp, Tech Mahindra, and JSW Steel saw mild profit booking and ended in the red.
All major sectors recorded gains, with telecom, PSU banks, oil & gas, pharmaceuticals, auto, energy, and private banks rising between 1% and 2%. The broader market also held firm, with BSE Midcap and Smallcap indices adding about 0.5% each.
Ruchit Jain, Vice President of Technical Research at Motilal Oswal, said the rally is more than just a short-term rebound. “The move is supported by broad-based participation, particularly from large-cap and banking stocks. The Bank Nifty is now trading close to its all-time high, reflecting strong sectoral momentum,” he noted.
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 global uncertainties, analysts said domestic sentiment remains positive, fueled by strong institutional buying and expectations of continued economic stability. (Source: IANS)
