The benchmark stock market indices soared on Thursday, as Dalal Street experienced a strong bull run, driven by optimism following the US Federal Reserve’s recent decision. Both the Sensex and Nifty saw impressive gains, led by strong performances in the auto and IT sectors.
The S&P BSE Sensex gained 899.01 points, closing at 76,348.06, while the NSE Nifty50 surged by 283.05 points, ending at 23,190.65.
Aditya Gaggar, Director at Progressive Shares, shared that the index started the weekly expiry trade with a robust opening, building on its positive momentum throughout the day.
All Sectoral Indices Close in Green
All sectoral indices ended in the green, with the auto, IT, and FMCG sectors leading the way. Trading activity focused on index-based stocks, which resulted in weaker performance in the mid and small-cap segments.
Vinod Nair, Head of Research at Geojit Financial Services, explained that a consistent drop in the US dollar index (DXY) has eased FII selling. Meanwhile, strong DII buying has supported the recent upside. “Domestic data showing an MoM rise in economic activity, coupled with expectations of more rate cuts, is making equities more attractive,” Nair added.
Bullish Stock Picks
Leading the rally on the Nifty, Bharti Airtel (BHARTIARTL) rose by 4.08%, followed by Titan Company with a 3.47% climb. Eicher Motors (EICHERMOT) gained 2.61%, while Bajaj Auto and Britannia Industries advanced by 2.57% each.
Lagging Stocks
On the downside, IndusInd Bank (INDUSINDBK) saw the biggest drop, falling by 1.11%, followed by Bajaj Finance with a 0.59% decline. Trent slipped 0.30%, while Shriram Finance (SHRIRAMFIN) edged lower by 0.25%.
Market Outlook
Gaggar noted that the index had formed a bullish pattern, signaling a positive trend. However, the index is currently in an overbought zone, suggesting a possible short-term correction. Immediate resistance stands at 23,320, while support is at 23,000.
