The benchmark equity indices ended Thursday’s trading session in the positive territory. The NSE Nifty 50 gained 369.85 points or 1.64% to settle at 22,967.85, while the BSE Sensex jumped 1196.98 points or 1.61% to 75,418.04. Bank Nifty index ended higher by 986.65 points or 2.06% to settle at 48,786.65.
The broader indices ended in positive territory, with gain led by Large-cap and Midcap stocks. Auto and Banking stocks outperformed among the other sectoral indices while Pharma stocks shed.
Adani Enterprises, Adani Ports and SEZ, Mahindra & Mahindra, Eicher Motors, and Axis Bank were the top gainers on the NSE Nifty 50, while the laggards includes Sun Pharma, Power Grid Corp, Hindalco, Coal India and NTPC.
The Indian Volatility Index (India VIX) closed down by 0.40 % at 21.38.
“The session turned out to be highly favorable for participants as the Nifty reclaimed its record high, gaining over one and a half percent. After a flat start, the Nifty steadily climbed throughout the day, inching closer to the significant 23,000 mark, primarily driven by substantial buying in select heavyweight stocks,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra specifically mentioned that the auto, banking, and IT sectors were the top performers, while defensive sectors like pharma and FMCG lagged slightly. Amidst this, the broader indices underperformed the benchmark, closing flat to marginally in the green.
Mishra also said that, We anticipate the prevailing positive trend to continue, 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 focus more on heavyweight stocks and remain selective in the midcap and smallcap segments.