Stock Market Ends Higher Amid Positive Global Cues; Midcaps, IT Stocks Lead Gains

Gains were led by metal, IT, financial services, realty, media, and energy sectors. However, PSU Banks, FMCG, and PSE stocks ended in the red

Late-session buying emerged, partly due to short covering ahead of the monthly F&O expiry

Source : ABPLIVE AI

The Indian stock market ended Thursday on a positive note, tracking upbeat global sentiment. The Sensex closed 320.70 points or 0.39 per cent higher at 81,633.02, while the Nifty50 settled 81.15 points or 0.33 per cent up at 24,833.60.

Broader market indices outperformed, with strong buying interest seen across largecap, midcap, and smallcap stocks. The Nifty Midcap 100 rose 315.85 points or 0.55 per cent to 57,457.25, and the Nifty Smallcap 100 gained 105.40 points or 0.59 per cent to close at 17,889.

Sectoral Trends

Gains were led by metal, IT, financial services, realty, media, and energy sectors. However, PSU Banks, FMCG, and PSE stocks ended in the red. "Global sentiment improved after a US court struck down Donald Trump’s reciprocal tax policy. However, the domestic market remained mostly rangebound during the day due to rising oil prices and higher US 10-year bond yields,” said Vinod Nair, Head of Research, Geojit Investments Limited.

Late-session buying emerged, partly due to short covering ahead of the monthly F&O expiry.

Export-oriented sectors such as IT and pharma saw renewed investor interest, amid expectations of easing global trade tensions. But Nair cautioned that weak industrial output, which fell to an eight-month low, along with the absence of strong domestic triggers, could lead to short-term consolidation.

Technical View

The Nifty witnessed volatility during expiry and remains under pressure technically, with momentum indicators still subdued.

“The next crucial support is at 24,670. If the index falls below this level, a sharp correction may occur, potentially dragging the index down to 24,400/ 24,300. On the other hand, if Nifty holds above 24,670, it could witness a smart recovery towards 25,000 or 25,150 in the short term,” said Rupak De from LKP Securities.

Commodity Update

Gold prices remained weak early in the session after FOMC minutes suggested the US Federal Reserve is unlikely to cut rates soon, sticking to a data-driven approach. In the domestic market, MCX gold is expected to find support near Rs 94,000, with resistance at Rs 96,500, according to analysts.