The Sensex closed above the 76,000 mark for the first time since February on Thursday, supported by the US Federal Reserve’s dovish stance and improved market sentiment. The BSE Sensex ended 899.01 points or 1.19 per cent higher at 76,348.06, while the Nifty 50 closed 283.05 points or 1.24 per cent higher at 23,190.65. All major sectoral indices traded in positive territory, as the markets found comfort in the Fed’s decision to maintain its projection for two rate cuts in 2025.
Bharti Airtel was the top gainer on the NSE, rising 4.08 per cent to close at ₹1,704. Other top gainers included Titan (3.47 per cent), Eicher Motors (2.61 per cent), Bajaj Auto (2.57 per cent), and Britannia (2.57 per cent). On the losing side, IndusInd Bank fell 1.11 per cent, followed by Bajaj Finance (-0.59 per cent), Trent (-0.30 per cent), and Shriram Finance (-0.25 per cent).
The market breadth remained positive, with 2,410 stocks advancing against 1,606 declines on the BSE. Sixty-nine stocks hit their 52-week highs, while 106 touched their 52-week lows. The Indian rupee strengthened for the seventh consecutive day, rising 0.07 against the US dollar to close at 86.34.
The US Federal Reserve’s decision to keep interest rates unchanged and maintain its projection for two rate cuts this year, despite raising its inflation forecast, boosted market sentiment. The Fed Chair’s cautious stance on inflation and economic uncertainty due to global trade tensions further supported the markets.
Technical analysts noted that the market successfully cleared key resistance levels and formed a bullish trend on the charts. The Nifty Bank index crossed the 50,000 mark, closing 0.72 per cent higher at 50,062.85. The Nifty Financial Services index also gained 0.70 per cent, ending at 24,309.00. The Nifty Next 50 and Nifty Midcap Select indices rose 0.57 per cent and 0.11 per cent, respectively.
Overall, the market sentiment is bullish, but analysts advise caution and recommend buying on dips and selling on rallies. The volatility index, India VIX, cooled off by 5.22 per cent to 12.60, indicating declining market volatility as investor confidence improved.
