Stock market today. Just extended those gains in the late morning trade on Thursday. The BSE Sensex jumped over 775 points. Nifty , too, managed to reclaim the 23,650 mark. It was mostly driven by buying in banking, pharma, and metals. But you had that sharp weakness in the IT shares capping the whole thing.
Around eleven forty-five, the Sensex was sitting at 776.03 points. That was a 1.04 percent jump. It hit an intraday high of 75,385.35. The Nifty 50 ticked up 1.03 percent, landing at 23,653.15. Close to that high, actually.
Banking stocks were the real anchors, though. That’s where the momentum really came from. Nifty Bank index jumped 1.18 percent to 54,088.15. Nifty Financial Services climbed 1.19 percent too. HDFC Bank was up nearly three percent, one of the big drivers for that Sensex rally. ICICI Bank, Kotak Mahindra, SBI—they all traded firmly Green.
But the rest of the market was a mixed bag. Midcaps were okay, I guess. But the smallcaps? They lagged. Nifty Smallcap 100 and Smallcap 250 both slipped, about half a percent each. That just signals some profit-booking happening in those high-beta counters, despite the big benchmark doing well.
The sector split was uneven. Pharma was leading the charge, up 1.89 percent. Metal stocks followed suit, gaining 1.80 percent. Healthcare, private banks, chemicals—all showing solid moves. Metal stocks really caught the buying interest, probably because global commodity sentiment was getting a little better.
The IT pack, though. That was a disaster. It was under heavy selling pressure. The Nifty IT index actually dropped 2.44 percent. It was the worst performer, hands down. Tech Mahindra fell 2.84 percent. Infosys slid 2.33 percent. HCLTech and TCS were down over 1.8 percent apiece. It just felt like global demand was weighing heavily. Pressure on US tech stocks is definitely playing a role here.
Bharti Airtel, on the other hand, surged over three percent. Along with HDFC Bank, Eternal, Larsen & Toubro, and ICICI Bank, they were the big winners. Meanwhile, the losers—Tech Mahindra, Infosys, HCLTech, TCS—they dragged the whole thing down.
India VIX slipped, too. It dropped 2.61 percent, settling at 18.92. That suggests volatility is easing up a bit. Investor confidence seems to be picking up, at least slightly.
Ponmudi R, the CEO of Enrich Money, said something about the opening. He mentioned that Indian markets started cautiously positive. But sentiment? It’s still guarded. There’s this mix of global cues and all that geopolitical uncertainty hanging over things. He pointed to the US-Iran tensions, and how that could affect energy markets globally.
Then there was this development that helped settle things a bit. The news that the US and China supposedly aGreed that no nation should slap shipping tolls in the Strait of Hormuz. It’s supposed to signal some stability in that critical energy route. It gave a little relief to global markets, sure. But don't get comfortable. All those bigger geopolitical worries still keep risk appetite subdued, he added.
Anand James, who is the chief market strategist at Geojit Investments, offered some technical thoughts. He pointed out that the market has been stuck below the lower Bollinger band for two days. He suggested that a morning star candlestick formation gives hope for a continuation of yesterday’s upswing. But he was clear: we still need a real push past 23,680 to confirm actual strength. Or, if things slip past 23,300, then we could see a dip towards 22,800. It’s all about that next move.
Written by Gree News Team — Senior Editorial Board
Gree News Team covers international news and global affairs at Gree News. Our collective of senior editors is dedicated to providing independent, accurate, and responsible journalism for a global audience.
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