The NSE Nifty 50 surged 203 points, or 0.92 percent, and the BSE Sensex climbed 676 points, or 0.93 percent in Thursday’s closing session. Among the top gainers of the Nifty 50 were Tata Consumer Products, LTIMindtree, M&M, Bharti Airtel, and Tech Mahindra. On the other hand, Maruti Suzuki, Tata Motors, SBI, BPCL, and Power Grid Corporations were among the top losers. The bulls might have the upper hand in the market in the coming days as the index moved back up after failing attempts to rise. A total of 2,703 stocks were traded, with 1,527 closing with gains, 1,071 closing with declines, and 105 remaining unchanged according to NSE market statistics.
According to Rupak De, Senior Technical Analyst at LKP Securities, the short-term market texture is weak but due to temporary oversold conditions, a technical pullback rally could be expected. Shrikant Chauhan, Head Equity Research at Kotak Securities, believes that 22000/72550 would be the key level to watch out for traders. In the Nifty’s sectoral indices, the PSU Bank sector experienced a decline of 0.80 percent, while other sectoral indices showed positive trends. Financial Services, IT, Media, Realty, and Consumer Durables sectors emerged as top gainers. The BSE MidCap rose by 1.04 percent, and the BSE SmallCap climbed 0.87 percent in the broader market.
In Asia, regional markets trended towards new peaks, with Chinese developers rallying on prospects of policy support for distressed builders. Commodities saw copper setting new records, driven by price dislocations, while oil prices rose on shrinking US stockpiles according to Varun Aggarwal, MD of Profit Idea. European stocks maintained near-record levels post US inflation data, reinforcing expectations of Fed rate cuts. The Stoxx 600 Index saw marginal changes, while the MSCI All Country World Index notched its fifth consecutive winning streak.
