Key Takeaways
- Sensex surged 446 points to 85,632, Nifty jumped 140 points to 26,192
- Financials and Oil & Gas sectors led the rally with strong performances
- Technical analysis suggests potential for further gains if key resistance levels are breached
Indian stock markets witnessed a significant upswing on Thursday, with benchmark indices approaching their all-time highs from September 2024. The bullish sentiment was driven by positive global cues and sustained buying in large-cap stocks.
Market Performance Highlights
The BSE Sensex climbed 446 points to close at 85,632, while the Nifty 50 hit a fresh 52-week high during the session before settling at 26,192 with a gain of 140 points. The rally was primarily fueled by heavyweight sectors showing strong momentum throughout the trading day.
Sectoral Leadership and Stock Movement
Financial services and Oil & Gas sectors emerged as the top performers, with HDFC Bank, Bajaj Finance, and Bajaj Finserv driving the Sensex higher. On the NSE, Eicher Motors joined the leading gainers alongside Bajaj Finance and Bajaj Finserv. However, Asian Paints, Titan, and HCLTech faced selling pressure, limiting some of the market’s upward movement.
Technical Analysis and Support Levels
Market technicians maintain a constructive outlook, identifying key demand zones for Nifty around 26,180, 26,070, and 26,000-25,900 levels. Analysts suggest that a decisive break above 26,277 could open the path for further gains toward the 26,350-26,500 range.
The broader market presented a mixed picture, with Nifty SmallCap 100 declining marginally by 0.05 percent while MidCap 100 edged up 0.02 percent.
Global Influences and Sector Performance
Financial Services outperformed other sectors, while Media and PSU Banks trailed behind. The positive market sentiment received additional support from global technology stocks and robust corporate earnings, particularly from major US companies. Growing optimism around India-US trade talks, with preliminary agreements progressing smoothly, further contributed to the bullish atmosphere.
Expert Market Outlook
Shrikant Chouhan of Kotak Securities noted that the market maintained its bullish momentum throughout the session, forming a strong bullish candle on daily charts. He recommended using intraday pullbacks as buying opportunities while suggesting profit booking during rallies. Technical support levels are identified at 26,100-26,000 for Nifty and 85,500-85,200 for Sensex, with resistance expected near 26,250/85,800 and 26,400/86,300 levels. A break below 26,000 for Nifty or 85,200 for Sensex could potentially derail the current rally.
