Indian equity benchmarks advanced sharply on Thursday, recovering from the previous session’s losses as buying in information technology and banking shares lifted sentiment. Investors also tracked crude oil prices, global market movements and the ongoing September-quarter earnings season.
The BSE Sensex closed above 74,300, climbing more than 1,500 points, clocking a jump of over 2 per cent, while the NSE Nifty50 settled just under 23k, soaring 375 points.
The rally gathered momentum during the session, with the Sensex rising more than 1,200 points and the Nifty50 crossing the 22,900 mark in afternoon trade.
IT Stocks Lead Sectoral Gains
Information technology shares outperformed the broader market, with Tech Mahindra, Tata Consultancy Services (TCS) and Tata Consumer Products among the leading Nifty50 gainers during the session. The Nifty IT index recorded the strongest sectoral performance, while the Nifty PSU Bank index lagged.
Broader markets delivered a mixed performance. The Nifty MidCap index gained 0.27% in afternoon trade, whereas the Nifty SmallCap index fell 0.66%, suggesting that the rally was concentrated in select stocks and sectors.
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Global Markets Grapple With US Inflation Concerns
Overseas cues remained uncertain after stronger-than-expected US inflation data raised concerns about the Federal Reserve’s interest rate trajectory.
Wall Street ended lower in the previous session, with the Dow Jones Industrial Average declining 0.09%, the S&P 500 falling 1.11% and the Nasdaq Composite losing 1.88%. Technology stocks bore the brunt of the selling.
Asian equities also came under pressure on Thursday. Japan’s Nikkei and South Korea’s Kospi recorded sharp declines in early trade as investors reassessed the outlook for inflation, interest rates and technology-sector valuations.
Crude Oil Retreats From Elevated Levels
Oil prices eased in early trade, although they remained high enough to keep inflation risks on investors’ radar.
Brent crude fell 1.36% to $104.66 per barrel, while West Texas Intermediate (WTI) declined 1.03% to $94.97 per barrel, based on the morning’s reported prices.
For India, sustained energy costs could increase the import bill and put pressure on the rupee, while affecting fuel-sensitive businesses. Any further movement in crude prices will remain important for the inflation outlook and corporate margins.
Institutional Flows Remain Divided
Foreign institutional investors (FIIs) sold Indian equities worth Rs 1,857.44 crore in the latest available session, while domestic institutional investors (DIIs) bought shares worth Rs 2,670.44 crore.
The divergence underscores the role of domestic funds in supporting the market amid overseas selling. Investors will continue to watch institutional flows as global economic uncertainty shapes foreign investment decisions.
Jio Platforms IPO, New Issues In Focus
Primary-market developments also drew investor attention. The IPOs of Tonbo Imaging India, Zetwerk and Bonfiglioli Transmissions opened for subscription on Thursday, following their anchor investor allocations.
Separately, Jio Platforms set a price band of Rs 1,065 to Rs 1,119 per share for its proposed IPO. The fresh issue could raise up to Rs 30,213 crore, with a reservation of up to Rs 2,500 crore for eligible Reliance Industries shareholders. The issue is scheduled to open on October 21 and close on October 23.
The proposed offering is expected to be India’s largest IPO, putting the spotlight on investor demand and liquidity in the primary market.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: abplive.com
