MUMBAI: Stock markets extended gains for the second consecutive day on Thursday, driven by buying in IT, consumer durables, and commodity stocks amid a largely positive trend in global markets.
In a volatile session, the 30-share Sensex rose 115.39 points or 0.15 per cent to close at 76,520.38. The index opened on a weak note, dropping 202 points to a low of 76,202.12, but later rebounded, gaining 338.55 points or 0.44 per cent to touch an intraday high of 76,743.54.
The broader NSE Nifty advanced 50 points or 0.22 per cent to settle at 23,205.35.
Among the Sensex constituents, UltraTech Cement, Mahindra & Mahindra, Sun Pharmaceutical, Zomato, Tech Mahindra, Tata Steel, Tata Motors, Titan, ITC, and Bajaj Finance emerged as major gainers.
Laggards
In contrast, Kotak Mahindra Bank, HCL Technologies, PowerGrid, Reliance Industries, State Bank of India, Hindustan Unilever, IndusInd Bank, Nestle India, and Axis Bank were among the laggards.
Uncertainty lingers over whether trade tariff measures will impact global trade, drive higher inflation, and trigger currency volatility.
“Year-to-date momentum shows a declining trend, with a pause today amid muted expectations ahead of the 2025 budget,” said Vinod Nair, Head of Research at Geojit Financial Services.
He further added that in-line third-quarter results showing quarter-on-quarter growth have bolstered indices, hinting at a stronger fourth quarter.
Small-cap gains
Broader markets also posted gains, with the BSE smallcap index rising 0.67 per cent and the midcap index jumping 1.78 per cent.
Among BSE sectoral indices, Consumer Durables gained the most at 1.95 per cent, followed by Commodities at 1.86 per cent, Focused IT at 1.79 per cent, Information Technology at 1.51 per cent, and Services at 1.42 per cent.
Consumer Discretionary and Healthcare indices rose 1.28 per cent each. The overall market breadth was positive, with 2,119 stocks advancing, 1,842 declining, and 106 remaining unchanged on the BSE.
The market capitalisation of BSE-listed companies increased by Rs2,75,359.24 crore to Rs4,24,63,686.80 crore or $4.91 trillion.
IT led recovery
Despite a weak start, the benchmark indices reversed losses as gains in IT stocks led the recovery. Sentiment in the IT sector was bolstered by optimism surrounding President Donald Trump’s private-sector investment plan for AI infrastructure.
On a stock-specific note, UltraTech Cement surged nearly 6 per cent during the latter part of the session, supported by robust earnings.
In Asian markets, Tokyo, Shanghai, and Hong Kong traded higher, while Seoul ended in the red. US markets closed with gains on Wednesday.
Global oil benchmark Brent crude fell 0.34 per cent to $78.73 per barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs4,026.25 crore on Wednesday, according to exchange data.
On Wednesday, the Sensex surged 566.63 points to close at 76,404.99, while the NSE Nifty climbed 130.70 points to settle at 23,155.35.
