Indian equity markets witnessed a strong rally on Thursday, with benchmark indices surging over 1 percent, driven by gains in IT stocks and positive global cues. The Nifty crossed the critical 23,000-mark for the first time since February 14, as investors cheered the U.S. Federal Reserve’s decision to maintain its projection for two rate cuts this year.
As of 1:20 pm, the BSE Sensex rose 802.66 points, or 1.06 percent, to 76,251.70, while the broader NSE Nifty rose 259.35 points, or 1.13 percent, to 23,166.95.
Broad-Based Gains Led by IT Stocks
All 13 sectoral indices were in the green, with IT stocks leading the charge. Heavyweights such as Tata Consultancy Services, HCL Technologies, and Mphasis posted notable gains, fueling the market’s upward momentum. The auto and oil & gas sectors also saw significant buying interest, climbing 1.3 percent and 1.28 percent, respectively.
The Bank Nifty index maintained its upward trajectory, crossing the 50,000 mark during intraday trade, reflecting strong buying interest in financial stocks.
Top Gainers and Laggards
Following were the top gainers in the Nifty pack:
Titan Company, Eicher Motors, Bharti Airtel, Bharat Petroleum Corporation, and Bajaj Auto, all rising nearly 4 percent.
On the flip side, the session’s underperformers included:
Bajaj Finance, Apollo Hospitals Enterprise, Bajaj Finserv, UltraTech Cement, and Industry Bank.
Market Breadth and Broader Indices
At around 12:10 pm, the market was trading positive, with 2,275 stocks trading higher, 1,208 trading lower, and 100 trading unchanged. Midcap and smallcap stocks also traded positively, rising over half a percent after an initial period of volatility. Both indices had fallen up to 0.2 percent at the start of the day but then recovered.
Analysts’ Take and Technical Insights
“The domestic market is expected to maintain its upward momentum, driven by strong global cues following the Fed’s signal of two rate cuts this year,” said Vikas Jain, Head of Research at Reliance Securities.
From a technical perspective, the Nifty is trading just below its 50-day exponential moving average (EMA), a level that has served as a stiff resistance in previous rallies. The 22,700-22,800 range is now viewed as a key support zone, with traders anticipating fresh buying on pullbacks.
“The Nifty index is sustaining its bullish momentum after a breakout in the previous session, highlighting strong buyer control,” noted Dhupesh Dhameja, Derivatives Analyst at SAMCO Securities. “While the index is approaching a key resistance zone of 22,900-23,000, consistent buying on minor dips indicates bulls remain firmly in command.”
Disclaimer
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