The benchmark equity indices concluded Thursday’s trading session on an optimistic note. The NSE Nifty 50 ascended 369.85 points, or 1.64%, to culminate at 22,967.85, while the BSE Sensex surged 1,196.98 points, or 1.61%, to settle at 75,418.04. The Bank Nifty index concluded higher by 986.65 points, or 2.06%, to close at 48,786.65.
The broader indices ended in positive territory, propelled by Large-cap and Midcap stocks. Among sectoral indices, Auto and Banking stocks exhibited remarkable performance, whereas Pharma stocks declined.
Adani Enterprises, Adani Ports and SEZ, Mahindra & Mahindra, Eicher Motors, and Axis Bank emerged as the top gainers on the NSE Nifty 50. Conversely, the laggards included Sun Pharma, Power Grid Corp, Hindalco, Coal India, and NTPC.
The Indian Volatility Index (India VIX) decreased by 0.40%, closing at 21.38. “The session proved highly favorable for participants, with the Nifty reclaiming its record high, rising over one and a half percent. After a subdued start, the Nifty steadily ascended throughout the day, nearing the significant 23,000 mark, primarily driven by substantial buying in select heavyweight stocks,” remarked Ajit Mishra, SVP, Research, Religare Broking.
Mishra specifically noted that the auto, banking, and IT sectors were the standout performers, while defensive sectors like pharma and FMCG slightly lagged. Amidst this, the broader indices underperformed the benchmark, closing flat to marginally positive.
Mishra further mentioned, “We anticipate the prevailing positive trend to persist, with the alignment of the banking index potentially adding further momentum. We are now targeting the 23,100-23,400 zone for the Nifty, with the 22,600-22,800 zone expected to provide support in case of any pullback. Investors should concentrate on heavyweight stocks and remain selective in the midcap and smallcap segments.”
