Mumbai— Indian stock markets surged sharply on Thursday, with benchmark indices Sensex and Nifty rising more than 1 percent each, driven by strong gains in banking and heavyweight stocks. Investor sentiment was buoyed by easing geopolitical tensions in the Middle East, which helped allay fears of global supply chain disruptions.
The Sensex climbed 1,000.36 points, or 1.21 percent, to close at 83,755.87, after hitting an intraday high of 83,812.09 and a low of 82,816.26. The Nifty also rose 304.25 points, or 1.21 percent, ending the session at 25,549.00. It touched an intraday high of 25,565.30 and a low of 25,259.90.
“Nifty has delivered a decisive breakout above recent consolidation levels on the daily chart, signaling growing optimism among traders and investors,” said Rupak De, Senior Technical Analyst at LKP Securities. “With this breakout, our outlook remains bullish.”
Top gainers on the Nifty included Shriram Finance, Tata Steel, Bharti Airtel, and Hindalco Industries, which rose between 2.48 and 3.69 percent. On the flip side, Dr. Reddy’s Laboratories, Tech Mahindra, Wipro, SBI, and Hero MotoCorp were the leading laggards, falling between 0.45 and 1.31 percent.
However, mid- and small-cap segments faced some selling pressure. The Nifty Midcap100 declined by 0.59 percent, while the Nifty Smallcap100 fell 0.42 percent.
Banking stocks saw robust buying interest. The Bank Nifty hit an intraday high of 57,263.45 before closing at 57,206.70, up 1.03 percent. Among sectoral indices, all major sectors ended in the green except Realty, IT, and Media. Nifty Metal led sectoral gains with a 2.31 percent rise, followed by strong performances in Nifty Private Bank, Financial Services, and Oil & Gas, each gaining over 1 percent.
Meanwhile, the Indian rupee appreciated by 33 paise to settle at 85.75 against the U.S. dollar, bolstered by a drop in the dollar index below the 97.00 mark and weaker global crude oil prices.
“Lower crude prices and a softer dollar have provided solid support to the rupee,” said Jateen Trivedi, Research Analyst at LKP Securities. “With improving global risk appetite and the potential for further capital inflows, the rupee may strengthen toward 85.25 in the near term.”
Gold prices remained range-bound, as a weakening dollar lent support, but the Federal Reserve’s cautious stance on rate cuts tempered investor enthusiasm. Trivedi expects MCX Gold to trade within the Rs 95,500 to Rs 98,500 range in the near term. (Source: IANS)
