Wednesday’s sharp market decline was followed by a b recovery in Indian equities on Thursday, with benchmark indices opening higher in early trade. The positive start came despite ongoing global geopolitical tensions and uncertainty in international markets, supported by buying interest from domestic investors.
Market participants said investors accumulated select quality stocks following the previous session’s sell-off, helping benchmark indices advance during the opening session. However, profit booking in the information technology sector continued to exert some pressure.
The BSE Sensex rose about 430 points at the opening to 76,933.78, while the NSE Nifty 50 gained around 132 points to trade at 24,013.65. Strong buying in banking stocks lifted the Bank Nifty by approximately 476 points to 57,218.40.
The Nifty Midcap index also advanced by more than 1% in early trade.
Among individual stocks, Eternal was one of the top gainers, rising more than 3%. Buying interest was also seen in Sun Pharma, Titan, Bharti Airtel, ICICI Bank, Asian Paints, Trent, Larsen & Toubro, HDFC Bank, Adani Ports, Reliance Industries, Kotak Mahindra Bank, State Bank of India (SBI), UltraTech Cement, ITC and Maruti Suzuki.
The gains in these blue-chip stocks supported the benchmark indices during early trade.
The banking sector was among the best-performing segments in the session, with buying interest visible across both private and public sector banks. Analysts said investor confidence in the sector remained supported by b economic indicators and stable earnings prospects for banks. The rally in major banking stocks contributed to the advance in the Bank Nifty.
While most sectors traded higher, the information technology sector remained under pressure due to profit booking. Infosys recorded the sharpest decline among IT stocks, while TCS, Tech Mahindra and HCL Technologies also traded lower. Market experts said investors booked profits in IT stocks following their recent gains. They also cited uncertainty surrounding global technology spending and international demand as factors weighing on the sector.
