The benchmark BSE Sensex rose for the fifth consecutive session on Thursday, gaining 809.53 points, or 1%, to close at 81,765.86 in choppy trading, one day before the Reserve Bank of India announces its policy review.
During the session, the 30-share index surged by as much as 1,361.41 points, or 1.68%, to reach 82,317.74 before profit-taking pared some gains. Meanwhile, the NSE Nifty advanced 240.95 points, or 0.98%, to end at 24,708.40.
Analysts attributed the rally to sustained buying in IT stocks and a bullish trend in US markets. Tata Consultancy Services, Titan, Infosys, Bharti Airtel, Bajaj Finance, ICICI Bank, HCL Technologies, and Tech Mahindra led the gains on the Sensex. NTPC and Asian Paints were the biggest losers.
“The Dow surpassing 45,000 reflects the US market’s strength. Strong growth and easing inflation in the US are bolstering the rally. Fed Chair Jerome Powell’s comment that the economy is in 'remarkably good shape' provided further support,” said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Foreign Institutional Investors (FIIs) bought equities worth Rs 1,797.60 crore on Wednesday, adding to the bullish sentiment. Over the past five sessions, the Sensex has gained 2,722.12 points, or 3.44%.
Sectorally, the BSE IT index led the rally, rising 1.96%, followed by teck (1.92%), IT (1.81%), and telecommunications (0.95%). Bankex (0.68%) and consumer durables (0.66%) also advanced. In contrast, the services and realty indices lagged.
Ajit Mishra, SVP of Research at Religare Broking, said: “The market’s recent surge reflects expectations of RBI support, making Friday’s policy announcement pivotal. Broader sector participation will be key to sustaining this rally.”
Asian markets posted mixed results, with Tokyo and Shanghai closing higher while Seoul and Hong Kong fell. European markets were up in afternoon trade, and US markets ended positively on Wednesday.
Global oil benchmark Brent crude rose 0.53% to $72.68 per barrel.
Follow us
