Equity markets continued their winning streak for the second consecutive session on Thursday, as the benchmark indices closed significantly higher driven by strong gains in metal and energy stocks amid positive global cues.
The BSE Sensex surged 609.86 points or 0.83 per cent to close at 74,340.09, while the NSE Nifty50 jumped 207.40 points or 0.93 per cent to settle at 22,544.70. Despite early volatility, the market showed resilience, with the indices recovering sharply after a brief dip in early trade.
Market breadth remained strongly positive with 3,006 stocks advancing against 990 declining on the BSE. The rally was broad-based, with the Nifty Small Cap index outperforming the benchmark with a 1.32 per cent gain, while the Nifty Midcap Select rose 0.20 per cent.
Vinod Nair, Head of Research at Geojit Financial Services, commented, “The Indian indices exhibited resilience, owing to positive global cues following Trump’s softened tariff stance on automakers from Canada & Mexico amidst the weakening dollar index. Additionally, a correction in crude oil prices, influenced by a slowdown in demand and further economic stimulus from China, ignited optimism in the energy and metals sectors.”
The oil & gas and metal sectors were the star performers, rallying over 2 per cent each. All sectoral indices, except realty, ended in the green, reflecting the broad-based buying interest.
Among individual stocks, Asian Paints emerged as the top gainer on the Nifty, surging 4.75 per cent to ₹2,267. Other major gainers included Coal India (up 3.77 per cent to ₹382.15), BPCL (up 3.56 per cent to ₹264.96), Hindalco (up 3.51 per cent to ₹680.45), and Reliance Industries (up 3.05 per cent to ₹1,211.50), which was also the largest contributor to the index gains.
On the flip side, Tech Mahindra was the biggest loser, declining 2.35 per cent to ₹1,501.90, followed by Trent (down 1.12 per cent to ₹5,048.90), BEL (down 0.88 per cent to ₹272.50), Britannia (down 0.68 per cent to ₹4,690), and Kotak Mahindra Bank (down 0.67 per cent to ₹1,920.15).
The Indian rupee weakened against the US dollar, closing at 87.11, after recent gains driven by falling crude prices. Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, noted, “While FII selling has slowed, it still persists, keeping some pressure on the currency.”
Technical analysts maintain a positive outlook for the market in the short term. Shrikant Chouhan, Head Equity Research at Kotak Securities, stated, “After an early morning intraday sell-off, the market found support near 22,250/73500 and bounced back sharply, which is largely positive. For day traders now, 22,250/73500 will act as a crucial support zone.”
Rupak De, Senior Technical Analyst at LKP Securities, added, “The Nifty continues to rise, filling the recent gap on the daily chart. In the short term, the sentiment appears to favor the bulls. On the higher end, the index may move towards 23,750–23,800.”
China’s GDP growth forecast of 5 per cent for 2025 also lifted sentiment, particularly boosting metal stocks. Sundar Kewat, Technical and Derivatives Analyst at Ashika Institutional Equity, observed, “This optimism translated into a 1.3 per cent surge in Nifty Metals, reflecting investor confidence in global economic resilience.”
In stock-specific news, Castrol India gained 11 per cent as Saudi Aramco is reportedly considering a potential offer for lubricant assets being sold by BP Plc.
Looking ahead, analysts expect the market to face resistance around the 22,700 level. Ajit Mishra, SVP, Research at Religare Broking Ltd, mentioned, “We expect Nifty to face resistance around the 22,700 level (20 DEMA), while the 22,250-22,400 zone will act as support in case of any dip.”
The market’s continued recovery will depend on developments in global trade policies, especially regarding US tariffs, and domestic investor interest, as foreign institutional investors remain net sellers in the equity market.
