Indian equity benchmarks kicked off Thursday's trading session on a positive note, extending gains from the previous day. The markets witnessed a broad-based rally, driven by buying activity in key heavyweight sectors.
Benchmarks Open in the Green
The 30-share BSE Sensex opened strong and climbed 158.22 points or 0.19 per cent to reach 85,346.79 in early trade. Similarly, the broader NSE Nifty index advanced 48.35 points or 0.19 per cent to settle at 25,902.15. This upward movement followed a positive close in the previous session, where the Sensex had gained over 620 points.
Sectoral Performance and Top Gainers
The rally was supported by significant gains in major index constituents. Leading the pack on the Sensex were Reliance Industries, ICICI Bank, and Infosys. Other prominent gainers included HDFC Bank, Larsen & Toubro, and Tata Consultancy Services (TCS). On the flip side, some selling pressure was observed in stocks like Sun Pharma, Titan, and Mahindra & Mahindra.
From a sectoral perspective, the Nifty Bank, Nifty Financial Services, and Nifty IT indices were among the top performers, contributing significantly to the benchmark's rise. The Nifty Midcap 100 and Nifty Smallcap 100 indices also traded higher, indicating a positive breadth in the broader market.
Broader Market Sentiment and Global Cues
Market analysts pointed to a combination of domestic and global factors supporting the bullish sentiment. Foreign Institutional Investors (FIIs) turned net buyers in the cash segment on Wednesday, a shift from their recent selling spree, which provided a psychological boost. Domestically, expectations surrounding the upcoming Union Budget and continued economic resilience are keeping investor interest alive.
Globally, Asian markets displayed a mixed trend. While Japan's Nikkei 225 and South Korea's Kospi traded lower, Hong Kong's Hang Seng index was in positive territory. The overnight performance of US markets, which ended with modest gains, offered a stable backdrop for the Asian session.
Experts suggest that while the market is showing strength, it may face resistance at higher levels. Traders are advised to focus on stock-specific actions and monitor global developments, including movements in the US bond yields and the dollar index, for further directional cues. The overall outlook remains cautiously optimistic as the market consolidates its recent gains.
