Indian stock markets surged for the fourth consecutive session on Thursday, with benchmark indices Sensex and Nifty rising over 1%, fueled by robust buying across sectors. Positive investor sentiment was further supported by the US Federal Reserve’s decision to maintain its rate cut projections for 2024, despite mixed global cues.
The BSE Sensex jumped 899.01 points, or 1.19%, to close at 76,348.06, confidently reclaiming the 76,000 mark. During the session, it peaked at 76,456.25, reflecting a gain of 1,007.2 points or 1.33%. Meanwhile, the NSE Nifty surged 283.05 points, or 1.24%, to settle at 23,190.65, reclaiming the psychological 23,000 milestone.
Key Drivers of the Rally:
Market heavyweights Reliance Industries, Bharti Airtel, and major IT players led the charge, contributing significantly to the rally. Positive momentum in global markets, bolstered by the Federal Reserve’s steady stance on rate cuts, added to investor optimism.
Among the top gainers in the Sensex pack were Bharti Airtel, Titan, Tata Consultancy Services, Hindustan Unilever, Infosys, Nestle, Reliance Industries, Mahindra & Mahindra, HDFC Bank, and Tata Motors.
Expert Take:
Market analysts attributed the sharp uptick to consistent foreign institutional investor (FII) inflows and improved sentiment following the Fed’s dovish outlook. “With global interest rates expected to soften later this year, Indian equities are finding strong support, particularly in large-cap stocks,” said a senior market strategist.
Looking Ahead:
Investors are now closely watching domestic economic indicators and corporate earnings, which are expected to provide further direction in the coming sessions. As global cues remain mixed, the focus will also be on geopolitical developments and central bank policies worldwide.
