Equity markets continued their upward trend on Thursday afternoon, building on morning gains as investors remained hopeful about potential interest rate cuts by the US Federal Reserve. The Sensex was trading at 75,975.96 at 12:30 PM, up by 526.91 points or 0.70 per cent from the previous close. Additionally, the Nifty50 index rose by 172.50 points or 0.75 per cent to 23,080.10.
Market breadth remained positive with 2,476 stocks advancing and 1,370 declining on the BSE. Notably, 58 stocks reached their 52-week highs while 86 touched their 52-week lows. Circuit filters were triggered for 260 stocks hitting upper limits and 174 hitting lower limits.
Consumer durables and auto stocks led the charge, with Titan Company being the top gainer on the NSE, surging 3.78 per cent to ₹3,192.70. Other notable gainers included Eicher Motors, Bharti Airtel, Bajaj Auto, and BPCL. On the flip side, Bajaj Finance and UltraTech Cement were among the top losers.
Sectoral indices displayed mixed performance, with the Nifty Bank index up by 0.29 per cent and Financial Services gaining marginally by 0.14 per cent. The Nifty Next 50 and Midcap Select indices also showed positive movements.
The market’s positive momentum can be attributed to the US Federal Reserve signaling potential rate cuts later in the year, leading to a weaker US dollar and lower bond yields. Technology stocks drove the morning rally, which extended to consumer durables and auto sectors in the afternoon.
Gold and crude oil prices continued to rise due to inflation concerns, while defense stocks maintained their strong performance supported by positive export outlook and potential trade deals. Despite the overall bullish sentiment, analysts advise caution due to potential near-term volatility and overbought conditions.
