Market – Sensex and Nifty Rise as Realty and PSU Banks Lead Gains
Market – Indian stock market recovery gained momentum on Thursday as benchmark indices moved higher, supported by buying in real estate, consumer durables and public sector banking shares.
Benchmark Indices End the Day in Positive Territory
The BSE Sensex finished 238.22 points higher, or 0.31 per cent, at 76,741.82. The NSE Nifty 50 added 80.75 points, or 0.34 per cent, to close at 23,962.80, remaining above the 23,960 level at the end of the session.
The advance reflected improved appetite for domestic-focused stocks after recent volatility, though weakness in technology shares prevented a sharper rise in the broader market.
Nifty Faces Resistance Near 24,200
Market analysts said the Nifty is now approaching an important technical zone between 24,100 and 24,200. A firm close above this range may strengthen the case for a further upward move and could open the way towards the 24,400 mark.
At the lower end, 23,900 is being watched as a key support level. If the index remains below that point for a sustained period, selling pressure may increase and pull the Nifty towards the 23,800 to 23,600 range, according to technical analysts.
Pharma, Financial and Telecom Stocks Support Rally
Sun Pharmaceutical Industries, Bajaj Finserv and Bharti Airtel were among the strongest performers within the Nifty 50 basket. Their gains helped lift overall sentiment and contributed to the recovery in the headline indices.
The broader market delivered a stronger performance than the benchmark indices. The Nifty MidCap index rose 1.38 per cent, while the Nifty SmallCap index gained 1.80 per cent, indicating wider participation in the day’s buying activity.
Realty and Consumer Shares Lead Sectoral Advances
Real estate stocks recorded the strongest sectoral move, with the Nifty Realty index leading the gains. Media, consumer durables and PSU bank shares also ended the session higher as investors showed renewed interest in sectors linked closely to domestic economic activity.
The Nifty IT index was the main sectoral drag. Selling in technology shares limited the upside in the benchmark indices despite the strength seen across several other parts of the market.
Domestic Outlook Offers Support to Investor Sentiment
Analysts said investor confidence has been supported by expectations of better conditions in the second half of the financial year, improving rainfall trends and relatively more attractive stock valuations in selected areas of the market.
However, global risks remain a factor for investors. The latest minutes from the US Federal Reserve pointed to continuing concerns around inflation, which could influence global equity markets and affect risk appetite in the coming sessions.
For now, market participants are likely to track the Nifty’s movement around the 24,100–24,200 resistance range, along with global economic signals and sector-specific developments.