Sensex Jumps 727 Points, Nifty Tops 26,000 as IT Stocks Rally
Indian equity markets opened with strong gains on Thursday, with the benchmark Sensex surging over 700 points and the Nifty reclaiming the 26,000 level. The rally was primarily driven by robust buying in information technology stocks amid optimism over a potential India-US trade deal.
Key Market Movements
- Sensex: Opened 727.81 points higher at 85,154.15
- Nifty: Gained 188.6 points to open at 26,057.20
- Nifty IT Index: Top sectoral performer, up 1.84%
- Broader Markets: Midcap and Smallcap indices also traded higher
Stock Performance
Top Gainers: Infosys, HCLTech, and Tech Mahindra led the rally on both BSE and NSE with healthy buying interest.
Major Laggers: Bajaj Finserv, Maruti, Power Grid, IndiGo, Eicher Motors, and Sun Pharma Life witnessed selling pressure during early trade.
“For now, upside objective is set at 26186, with 26800 appearing as an optimistic objective,” market experts said. “Meanwhile, downside marker is placed at 25780, but an outright reversal is not expected today,” they added.
Sectoral Performance
The Nifty IT index emerged as the top gainer, rising 1.84 percent, while the Nifty Realty index was the only sector in negative territory, slipping 0.08 percent. Broader market indices showed positive momentum with the Nifty SmallCap 100 rising 0.33 percent and the Nifty MidCap 100 climbing 0.44 percent.
Trade Deal Optimism Boosts Sentiment
Market analysts attributed the positive sentiment to renewed optimism among investors, particularly in technology shares. Reports of an imminent trade agreement between India and the United States circulated in market circles, contributing to the bullish momentum.
“Comments from President Donald Trump and responses from Prime Minister Narendra Modi indicate an early trade deal. The expected deal involves some concessions from both sides,” they added.
FII Activity
Foreign institutional investors (FIIs) extended their buying streak for the fifth consecutive session on October 21, purchasing equities worth Rs 96 crore, indicating sustained foreign interest in Indian markets.
The market rally comes despite mixed global cues, demonstrating the resilience of Indian equities amid ongoing trade negotiations and positive domestic sentiment.
