Mumbai’s stock market roared back to life on Thursday, snapping a brutal four-day losing streak fueled by global tensions. The BSE Sensex surged 414 points at open, hitting 79,530.48, while the NSE Nifty climbed 135 points to 24,615.95. By 9:33 AM, Sensex was up 266 points or 0.34% at 79,382.41, and Nifty gained 98 points or 0.40% to trade at 24,579.30.
This rebound came on the heels of positive cues from Asian markets, where Wall Street’s overnight recovery lifted sentiments. South Korea’s Kospi skyrocketed over 12%, recovering from prior losses, while Japan’s Nikkei 225 rose more than 4%. Broader markets outperformed benchmarks, with Nifty Midcap and Smallcap indices up 0.82% and 0.83% respectively.
Sector-wise, Nifty Realty led the charge, followed by Oil & Gas and Auto indices. In the Sensex pack, Sun Pharma, Adani Ports, L&T, BEL, NTPC, and Tata Steel emerged as top gainers. Conversely, HCL Tech, TCS, HUL, Tech Mahindra, and Asian Paints lagged behind.
The rally follows Wednesday’s sharp sell-off, triggered by escalating US-Israel-Iran conflicts that spiked oil prices and rattled global equities. Indian benchmarks had plunged over 2% early that day. Choice Broking’s Hitesh Tayal notes key support for Nifty at 24,300-24,350, with resistance at 24,600-24,650. RSI at 30.37 signals lingering weakness.
FIIs offloaded shares worth ₹8,752 crore for the fourth straight session, but DIIs countered with ₹12,000 crore in purchases over six days, cushioning the impact. Experts urge caution amid volatility: focus on fundamentally strong stocks during dips. Fresh Nifty buys only above a sustained 25,000 breakout for bullish confirmation.