Indian equity indices closed in the green on Thursday, driven by gains in metal, auto, and banking stocks. The Sensex surged by 1,439 points, or 1.77%, to close at 82,962. Meanwhile, Nifty climbed 470 points, or 1.89%, to settle at 25,388.
Both indices hit new all-time highs during the session, with Sensex touching 83,116 and Nifty reaching 25,433.
Midcap and Smallcap Stocks Surge
Midcap and smallcap stocks also saw strong buying interest. The Nifty Midcap 100 index rose by 702 points, or 1.19%, to 59,640, while the Nifty Smallcap 100 index gained 192 points, or 1.01%, to close at 19,354.
Rupak De, Senior Technical Analyst at LKP Securities, said that Nifty’s breakout from its recent consolidation on the daily chart indicates growing optimism. He added that Nifty’s sustained position above the critical 21-day EMA and a bullish crossover on the RSI reinforce positive sentiment. De expects the rally to continue toward the 25,470–25,500 range, with support at 25,100.
Top Gainers in Sensex Pack
In the Sensex pack, NTPC, Bharti Airtel, M&M, Wipro, JSW Steel, Tech Mahindra, SBI, L&T, Tata Steel, Kotak Mahindra Bank, Infosys, UltraTech Cement, and HUL emerged as top gainers. Only Nestle closed in the red.
Almost all sectors closed higher, with auto, IT, PSU, financial services, pharma, metal, and energy leading the gains.
Narendra Solanki, Head of Fundamental Research at Anand Rathi Shares and Stock Brokers, attributed the market’s strength to news of China cutting rates by 50 bps on $5 trillion mortgages. This boosted market sentiment ahead of the European Central Bank (ECB) policy meeting.
Also Read: SpiceJet Seeks Supreme Court’s Urgent Review Over Delhi High Court Engine Grounding Order
