Indian stock markets ended sharply higher on Thursday, extending their winning streak for the fourth consecutive session, as strong buying in banking shares helped the domestic indices clock a robust performance.
The Sensex opened slightly lower at 76,968 and dropped to the day’s low of 76,666 in early trade. However, the index soon bounced back strongly, touching an intraday high of 78,617—a jump of 1,951 points from the low.
By the end of the session, the Sensex closed with a substantial gain of 1,509 points, or 1.96 per cent, at 78,553.
The Nifty index also witnessed a sharp rebound. After touching an intra-day low of 23,299, the Nifty surged to a high of 23,872. It eventually closed 414 points higher at 23,852, up 1.8 per cent.
Among the top performers on the Nifty were Bharti Airtel, ICICI Bank, Bajaj Finance, Sun Pharma and Eternal.
On the other hand, stocks such as Wipro, Hero MotoCorp, Tech Mahindra, and JSW Steel experienced some profit booking and closed in the red.
All major sectors saw buying interest. Sectors such as telecom, PSU banks, oil and gas, pharmaceuticals, auto, energy, and private banks gained between 1% and 2%.
The broader market also remained firm, with the BSE Midcap and Smallcap indices adding around 0.5 per cent each.
According to Ruchit Jain, Vice President of Technical Research at Motilal Oswal, the rally appears to be more than just a short-term pullback, as it is supported by broad-based participation, especially from large-cap names and banking and financial stocks.
“The Bank Nifty index is now trading close to its all-time high, reflecting strong sectoral support,” Jain added.
Meanwhile, the Indian rupee also showed some strength. It closed 31 paise higher at 85.37 against the US dollar, compared to Wednesday’s close of 85.68.
“Despite global concerns, domestic sentiment remained upbeat, driven by strong buying in heavyweight stocks and hopes of economic stability,” experts noted.
–IANS
