Indian stock markets closed sharply higher on Thursday, marking the fourth consecutive session of gains, driven by strong buying in banking stocks.
The Sensex, which marked its 150th anniversary on April 17, opened slightly lower at 76,968 and dipped to an early low of 76,666. However, it quickly rebounded and surged to an intra-day high of 78,617 — a remarkable recovery of 1,951 points. By the end of the trading session, the Sensex had gained 1,509 points, or 1.96%, to settle at 78,553.
The Nifty 50 index mirrored this strong performance. After hitting a low of 23,299 in early trade, it climbed to a high of 23,872 before closing at 23,852 — up 414 points or 1.8%.
Top gainers on the Nifty included Bharti Airtel, ICICI Bank, Bajaj Finance, Sun Pharma, and Eternal. Meanwhile, stocks such as Wipro, Hero MotoCorp, Tech Mahindra, and JSW Steel faced profit booking and ended in the red.
All major sectors witnessed buying interest. Notably, telecom, PSU banks, oil & gas, pharmaceuticals, auto, energy, and private banks posted gains ranging between 1% and 2%.
The broader markets also remained positive, with the BSE Midcap and Smallcap indices rising by around 0.5% each.
Ruchit Jain, Vice President of Technical Research at Motilal Oswal, said the rally appears to be more than just a short-term bounce, as it is supported by broad-based participation across sectors, especially from large-cap and financial stocks.
“The Bank Nifty index is now trading close to its all-time high, reflecting strong sectoral support,” Jain added.
The Indian rupee also strengthened, closing 31 paise higher at 85.37 against the US dollar, compared to Wednesday’s close of 85.68.
Despite global concerns, market experts noted that domestic sentiment remained optimistic, bolstered by heavy buying in blue-chip stocks and expectations of economic stability.
— IANS
