The Indian stock markets continued their upward momentum for the second straight session on Thursday, with both the Sensex and Nifty closing in the green. Investor sentiment remained positive as the benchmark indices sustained their rally, extending the gains seen in the previous session.
The 30-share BSE Sensex touched an intra-day high of 74,390.80 before settling at 74,340.09, marking a gain of 609.86 points or 0.83 percent. Meanwhile, the NSE Nifty climbed 207.40 points, or 0.93 percent, to close at 22,544.70, after trading within a range of 22,556.45 to 22,245.85 during the session.
A broad-based recovery was evident across the market, with 38 out of the 50 Nifty stocks closing higher.
Among the top gainers were Asian Paints, Coal India, BPCL, Hindalco, and Reliance Industries, which saw gains of up to 4.75 percent. On the other hand, some stocks struggled, with Tech Mahindra, Bharat Electronics, Trent, Britannia, and Kotak Mahindra Bank declining by as much as 2.35 percent.
The rally extended beyond the benchmark indices, as broader markets also witnessed gains. The Nifty Smallcap100 index led the charge, jumping 1.32 percent, while the Nifty Midcap100 index ended in positive territory with a 0.37 percent increase. Sectoral indices largely reflected the positive trend, with most sectors closing higher, except for the Nifty Realty index, which was the only sector to end in the red.
Market analysts pointed to technical indicators suggesting continued strength. Rupak De of LKP Securities said that Nifty is filling a recent gap on the daily chart, with the Relative Strength Index (RSI) recovering from a historically low level and forming a bullish crossover. “In the short term, sentiment appears to favour the bulls. The index could move towards 23,750–23,800 on the higher end, as long as it remains above 22,300,” he said.
The ongoing market rebound follows a strong recovery on March 5, when the Sensex and Nifty surged over 1 percent after US Commerce Secretary Howard Lutnick hinted at potential tariff relief for Mexico and Canada. This development raised hopes that broader tariff reconsiderations could further boost investor confidence.
Meanwhile, in the commodities market, gold continues to face strong resistance at $2,920–$2,930 in COMEX, triggering profit booking. In the MCX, Rs 86,000 remains a key resistance level, with support at Rs 84,500–Rs 84,000, according to experts.
-IANS
