Equity indices, Sensex and Nifty, rebounded sharply to hit record highs on Thursday. The surge was driven by strong buying in IT, consumer durables, and financial stocks, as investors anticipated a robust corporate performance. Analysts noted that investors also showed interest in select banking stocks, expecting the Reserve Bank of India’s (RBI) monetary policy committee to maintain the current interest rates. The committee, consisting of six members, began its deliberations on Wednesday and will announce its decision on Friday.
The BSE Sensex soared 350.81 points or 0.47% to settle at a lifetime high of 74,227.63. The broader NSE Nifty also hit a fresh peak of 22,514.65, gaining 80 points or 0.36%. Among the 50-share benchmark, 31 components ended with gains.
HDFC Bank, Titan, Tech Mahindra, and Asian Paints were the major gainers on the Sensex, while SBI, Bharti Airtel, JSW Steel, PowerGrid, ITC, and Reliance closed with losses. In terms of market capitalization, BSE LargeCap gained 0.34%, smallcap rose 0.54%, while midcap index declined marginally by 0.11%.
Investors are closely watching the RBI’s upcoming monetary policy announcement, with expectations leaning towards a status quo in the repo rate due to concerns about inflation.
Overseas, Seoul and Tokyo markets closed with gains, while Hong Kong and Shanghai were closed for a holiday. European markets traded in the green, and the US closed with mixed results.
On Wednesday, Foreign Institutional Investors (FIIs) sold equities worth Rs 2,213.56 crore.
