Mumbai’s stock market painted a bright green on Thursday, closing with significant gains across major indices. The BSE Sensex rocketed 899.71 points, or 1.14%, to settle at 80,015.90, while the Nifty 50 climbed 285.40 points, or 1.17%, ending at 24,765.90. This robust performance marked a strong recovery, fueled primarily by a surge in defence sector stocks.
The Nifty India Defence index led the charge, posting a stellar 2.55% gain and emerging as the top performer among sectoral indices. Trailing closely were Nifty Metal at 2.29%, Nifty PSE at 2.22%, Nifty Infra at 2.21%, Nifty Consumer Durables at 2.10%, Nifty Commodities at 2.05%, and Nifty Energy at 1.92%. In stark contrast, the Nifty IT index was the sole laggard, dipping 0.59%.
Broad-based enthusiasm extended beyond large-caps. The Nifty Midcap 100 index advanced 867.40 points or 1.52% to 57,792.55, and the Nifty Smallcap 100 rose 257.30 points or 1.58% to 16,538.80. This widespread buying spree underscored investor confidence across market segments.
Among Sensex constituents, Adani Ports, L&T, NTPC, BEL, IndiGo, M&M, Power Grid, Maruti Suzuki, Tata Steel, Bajaj Finance, Sun Pharma, UltraTech Cement, Bajaj Finserv, Kotak Mahindra Bank, HDFC Bank, Titan, Trent, Asian Paints, and Bharti Airtel shone as top gainers. On the flip side, Tech Mahindra, HCL Tech, HUL, ICICI Bank, SBI, Infosys, Eternal, TCS, ITC, and Axis Bank ended in the red.
Market analysts attribute this rally to value buying at lower levels, particularly in metals, public sector enterprises, and infrastructure stocks. Global market optimism has also bolstered domestic sentiment. A key positive signal came from the India VIX, which plummeted 15.56% to close at 17.85, indicating reduced market volatility and heightened stability.
As investors eye upcoming economic data and corporate earnings, Thursday’s gains signal a potential shift towards sustained bullish momentum in Indian equities. The focus remains on sectors poised for government-backed growth, setting the stage for further upside.