Stock Market Today: Sensex Rises 300 Points, Nifty Tops 24,000

Indian equity markets traded higher on Thursday morning as easing crude oil prices, robust automobile sales and optimism surrounding first-quarter corporate earnings lifted investor sentiment.

Positive domestic cues outweighed mixed global trends, helping benchmark indices extend their gains.

The BSE Sensex rose nearly 300 points, or 0.38 per cent, to touch an intraday high of 77,218.78, while the NSE Nifty advanced 86 points, or 0.35 per cent, to 24,092.05 in early trade.

IT stocks led the rally, with the Nifty IT index climbing more than 3 per cent. Other sectors posting gains included Consumer Durables, Metal, Realty and the MidSmall IT & Telecom indices.

In contrast, the Nifty PSU Bank and Media indices traded lower.

Among individual stocks, NTPC, Power Grid Corporation, Bajaj Finance, ONGC and Bharti Airtel featured among the top losers, declining by up to 1 per cent.

Market experts said lower crude oil prices have strengthened India’s macroeconomic outlook by supporting growth and easing inflation.

Brent crude fell over 1 per cent to $70.65 per barrel, while WTI crude slipped 1.47 per cent to below $68 per barrel.

Analysts also highlighted strong June automobile sales, particularly a 24.1 per cent increase in passenger vehicle sales, as evidence of resilient domestic demand. They expect strong first-quarter earnings to support banking and digital platform stocks. They cautioned that the market’s momentum will depend on the progress of the Southwest Monsoon.

Global markets remained mixed, with Japan’s Nikkei and South Korea’s KOSPI declining, while Hong Kong’s Hang Seng advanced about 1 per cent.

Wall Street closed lower overnight, with the S&P 500 slipping 0.22 per cent and the Nasdaq falling 0.66 per cent, reflecting cautious investor sentiment ahead of key economic developments.

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