Mkts Surge For 4th Day Defying Global Trends

Nonetheless, optimism surrounding the domestic market persists, bolstered by the expectation of a favourable outcome from US-India trade negotiations and a relatively minimal disruption from the US-China trade tension - Vinod Nair, Head (Research), Geojit Investments

Mumbai: Benchmark indices Sensex and Nifty surged nearly two per cent on Thursday, registering their fourth day of rally as investors turned buoyant after foreign investors returned to domestic equities amid expectations of a breakthrough in US-Japan trade negotiations over reciprocal tariffs. The 30-share BSE benchmark Sensex jumped 1,508.91 points or 1.96 per cent to reclaim the 78,000 level. It finally settled at 78,553.20. During the day, it soared 1,572.48 points or 2.04 per cent to 78,616.77. The NSE Nifty surged 414.45 points or 1.77 per cent to 23,851.65. In four days, the BSE benchmark jumped 4,706.05 points or 6.37 per cent, and the Nifty surged 1,452.5 points or 6.48 per cent.

“Benchmark indices posted sharp gains on Thursday to end the week on a high note, posting four consecutive sessions of gains. Broader Mid and Small caps also closed higher. Markets opened lower on weak global cues after sharp overnight losses in US indices. After initial jitters, markets quickly bounced back to steadily climb higher throughout the day as the focus shifted to domestic factors and ongoing earnings,” said Satish Chandra Aluri, analyst, Lemonn Markets Desk.

All BSE sectoral indices ended higher. Stock markets will remain closed on Friday for ‘Good Friday’.

“A strong rally in large-cap stocks was observed today, primarily driven by financials, amid expectations of improved margins stemming from changes in savings deposit interest rates. Positive sentiment was further supported by a reversal in FII flows, although the sustainability of this trend remains uncertain. Nonetheless, optimism surrounding the domestic market persists, bolstered by the expectation of a favourable outcome from US-India trade negotiations and a relatively minimal disruption from the US-China trade tension,” said Vinod Nair, Head (Research), Geojit Investments Limited.

As many as 2,427 stocks advanced while 1,522 declined and 157 remained unchanged on the BSE.

From the Sensex firms, Eternal, ICICI Bank, Bharti Airtel, Sun Pharma, State Bank of India, Bajaj Finserv, Kotak Mahindra Bank and Reliance Industries were among the biggest gainers. On the other hand, Tech Mahindra and Maruti were the laggards.

The BSE midcap gauge climbed 0.56 per cent and smallcap index went up by 0.52 per cent. Bankex jumped 2.56 per cent, telecommunication (2.22 per cent), financial services (2 per cent), services (1.47 per cent), teck (1.19 per cent), energy (1.13 per cent), auto (1.01 per cent) and healthcare (0.91 per cent).