BIZ DESK
Benchmark indices Sensex and Nifty staged a strong rebound on Thursday, snapping a three-session losing streak, supported by broad-based buying in auto, metal and selective banking counters. Sentiment also improved after the US Federal Reserve delivered a rate cut, lifting global risk appetite and easing pressure on emerging market equities.
The BSE Sensex rose 426.86 points (0.51%) to close at 84,818.13, recovering sharply from the day’s low of 84,150.19. The index even touched an intraday high of 84,906.93 as buying intensified in the second half.
The NSE Nifty 50 advanced 140.55 points (0.55%) to settle at 25,898.55, closing close to the session high of 25,922.80 after overcoming early volatility.
Sector-wise Performance
Auto: Strongest Performer of the Day
Automobile stocks led the rally, supported by expectations of lower financing costs following the Fed’s rate cut and steady domestic demand indicators. Maruti Suzuki, Tata Motors Passenger Vehicles, Mahindra & Mahindra, and Eternal featured prominently among top gainers.
Metals: Gains on Global Cues
Metal stocks such as Tata Steel gained as global commodity prices firmed up on expectations of stronger US and Chinese demand. A softer dollar further boosted sentiment for exporters.
Banking & Financials: Mixed Trend
The sector displayed divergent performance.
- Gainers: Kotak Mahindra Bank, HDFC Bank, and select private lenders supported the index.
- Laggards: ICICI Bank, Axis Bank, Bajaj Finance, and PowerGrid pulled the sectoral index down amid concerns over foreign outflows and rupee volatility.
Technology & Pharma: Steady Buying
IT majors Infosys, HCL Technologies, Tech Mahindra moved higher as easing US rates improved the outlook for tech spending. Sun Pharma also gained on defensive buying.
Consumer & Retail: Mixed
While Trent advanced, consumer discretionary names such as Asian Paints and Titan saw selling pressure after recent valuations surged.