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Nifty Bank surges over 300 points, pushing Sensex past 83,000 as investors cheer strong earnings and FII inflows. Banking and auto stocks shine – but is this rally here to stay or just a festive flash? Markets brace for the next big move.
This marks one of the strongest mid-week rallies this quarter.
New Delhi: Indian equity markets continued their buoyant run on Thursday, with the NIFTY BANK rising over 300 points by late morning. Key benchmark indices across National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) extended gains, spurred by strong inflows, earnings optimism, and robust performance in financials and select blue-chip stocks.
The star of the session so far has been the Nifty Bank Index, which surged 314.25 points to 57,114.15, a jump of 0.55% reaffirming renewed investor appetite for financials amid improving earnings visibility and macroeconomic indicators.
This marks one of the strongest mid-week rallies this quarter, driven by buying momentum in private banks and policy optimism.
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Leading the charge, top bankers such as HDFC Bank, Axis Bank, and ICICI Bank rose sharply, with Axis Bank gaining nearly 2% thanks to improved loan quality and fall in credit costs for the September quarter. Analysts at major brokerages remain optimistic, announcing revised target prices that point to further upside.
The broader indexes also displayed strong momentum. The NIFTY 50 was trading at 25,460.65, up 137.10 points (+0.54%), while the BSE SENSEX climbed 489.24 points to 83,094.67, comfortably above the 83,000 mark.
Key support came from a liquidity boost in the market, with foreign institutional investors (FIIs) reversing selling trends and pumping over Rs 3,000 crore into equities in the past seven trading sessions. Analysts see this as a turning point in sentiment, reflecting expectations of better corporate earnings and favorable government policies.
Twelve out of 16 major sector indices traded higher as of midday. Private banks outperformed with a 0.8% gain, followed by consumer durables and auto stocks, which benefited from renewed demand projections post GST cuts. Auto majors like Bajaj Auto and Eicher Motors posted gains of 1.4–1.5% each.
Meanwhile, the IT sector lagged with a 0.4% decline, as investors heated ahead of Q2 earnings releases. Defensive plays such as public sector banks and realty stocks also gained, albeit modestly.
Investor confidence is being bolstered by a healthy Q2 earnings season, with several companies surprising expectations. Impressive results from financial insurers and select mid-cap companies added cheer, while global markets contributed positively with US futures edging up and Asian indices largely in the green as hopes for further rate cuts by the Federal Reserve gain traction.
Technically, analysts point to strong support at 25,000 for the Nifty 50, with the next resistance target nearing 25,700, potentially marking a fresh breakout. The continued FII inflows, strengthening rupee and robust corporate results point toward sustained upward movement in the near term.
Although volatility may spike around Q2 earnings last-minute announcements, market sentiment remains decidedly bullish as festive-season liquidity continues to drive accumulation.
Continued earnings results from major IT and PSU firms in the coming sessions.
Potential RBI policy cues and global interest rate developments.
Festive demand trends impacting consumer durable and auto sectors.
Stay tuned as we track further momentum in the second half of Thursday’s trading session.
