Priyanka Tiwari
Share
Benchmark equity indices surged on Thursday, with the Nifty reclaiming the crucial 23,000-mark after more than a month. The rally was supported by gains in IT stocks and positive global cues, following the Federal Reserve's indication that it would maintain its rate cut projections for this year.
The Sensex rose by 491.02 points, or 0.65%, reaching 75,940.06 by noon, while the broader NSE Nifty climbed 163.30 points, or 0.71%, to 23,070.90.
Among the top gainers in the Nifty pack were Titan, Eicher Motors, Bharti Airtel, Bharat Petroleum Corporation, and Bajaj Auto, all rising nearly 4%. These stocks led the charge, buoyed by positive investor sentiment.
On the flip side, stocks like Bajaj Finance, Apollo Hospitals Enterprise, Bajaj Finserv, UltraTech Cement, and IndusInd Bank were among the laggards, pulling back after earlier gains.
By 12:10 PM, the market breadth remained positive, with 2,275 stocks advancing, 1,208 declining, and 100 remaining unchanged. This suggests a broad-based rally in the market, led by key sectors.
"The domestic market is expected to sustain its upward trajectory, supported by strong momentum in global equities following the Fed’s indication of two rate cuts this year," said Vikas Jain, Head of Research at Reliance Securities. His optimism is shared by others, who believe the market is in a strong phase of recovery.
Midcap and smallcap stocks also showed strength, turning positive with gains of over half a percent after an initial bout of volatility. Earlier in the session, both indices had slipped 0.2% each following an early surge.
All 13 sectoral indices were in the green, with IT stocks leading the charge. Heavyweights such as Tata Consultancy Services, HCL Technologies, and Mphasis drove the sector's growth. The auto and oil & gas sectors also saw buying interest, gaining 1.3% and 1.28%, respectively.
The Bank Nifty maintained its upward momentum, decisively crossing the 50,000 mark during intraday trade, signaling strong investor confidence in the financial sector.
"The Nifty index has sustained its bullish momentum after a strong breakout in the previous session, indicating firm control by buyers," said Dhupesh Dhameja, Derivatives Analyst at SAMCO Securities. "The index is now trading in a key resistance zone of 22,900-23,000, which could lead to a phase of consolidation. However, consistent buying interest on minor dips signals that the bulls remain in command."
Technical indicators show that the Nifty is currently hovering just below its 50-day exponential moving average (EMA), a level that has historically acted as a stiff resistance. The 22,700-22,800 range has now turned into a key support zone, with traders anticipating that pullbacks will attract fresh buying.
Read More: Heathrow Airport Temporarily Closed Due to Major Power Outage: All You Need to Know
