Sensex, Nifty Gain Over 1% on Easing Global Tensions and Strong Buying
BIZ DESK
Domestic stock markets roared back into action on Thursday, June 26, as benchmark indices extended their rally, fueled by firm buying in financials and metals amid easing global headwinds. The BSE Sensex surged by 1,000.36 points or 1.21% to close at 83,755.87, marking a strong continuation of its upward trajectory. Intra-day, the index moved between a high of 83,812.09 and a low of 82,816.26, reflecting sustained investor optimism throughout the session.
The NSE Nifty50 also recorded an equally strong performance, ending the day at 25,549.00, up 304.25 points or 1.21%. It touched a peak of 25,565.30 and a low of 25,259.90 during the day. Among the top gainers in the Nifty50 pack were Shriram Finance, Jio Financial Services, Tata Steel, Bharti Airtel, and Hindalco Industries, with gains ranging between 2.48% to 3.69%. On the flip side, Dr Reddy’s Laboratories, Tech Mahindra, Wipro, SBI, and Hero MotoCorp were among the top losers, dipping between 0.45% and 1.31%.
Heavyweight Reliance Industries gained 1.91%, reclaiming a significant milestone by crossing the ₹20 trillion market capitalisation mark on the NSE for the first time since September 2024. At the close of trade, Reliance’s m-cap stood at ₹20,23,510.63 crore, giving a strong boost to the overall sentiment.
However, performance across broader markets was mixed. While the benchmarks soared, the Nifty Midcap100 and Nifty Smallcap100 indices declined by 0.59% and 0.42%, respectively, as traders took selective profits in non-index names.
Sectorally, it was a strong day for most segments. Nifty Metal was the star performer, rallying 2.31%, buoyed by global cues including a weakening U.S. dollar. Bank Nifty climbed over 1%, closing at 57,206.70, after hitting an intra-day high of 57,263.45. Other notable sectoral gainers included Nifty Private Bank, Financial Services, and Oil & Gas, each rising over 1%. On the contrary, Nifty Realty, IT, and Media ended slightly in the red.
The market breadth on the NSE was moderately positive, with 1,474 stocks advancing, 1,397 declining, and 104 remaining unchanged out of a total of 2,975 stocks traded. A total of 69 stocks hit their 52-week highs, while 22 stocks touched new 52-week lows. Meanwhile, 77 stocks were locked in their upper circuits and 58 stocks hit lower circuit limits.
Volatility also cooled off, offering relief to traders. The India VIX, a gauge of market fear and expected volatility, dropped 2.87% to close at 12.59, indicating easing concerns around near-term uncertainty.
The rally came on the back of improving global cues, easing geopolitical tensions in the Middle East, and a weaker dollar, which particularly benefitted export-heavy and commodity-linked sectors. With broader macro indicators showing resilience and FIIs showing signs of return, market participants now await cues from upcoming domestic earnings and global central bank commentary.