The Indian benchmark indices close after registering significant gains on Thursday as the Sensex gained over 100 points, closing at 84,556.41, and the Nifty ended at 25,891.40, higher by nearly 22.80 points.
The top gainers included stocks such as Infosys, HCLTech, TCS, Axis Bank and Kotak Bank and among the laggards were stocks like Trent, HDFC Bank, Asian Paints, Reliance and Adani Ports.
In the broader markets, the Nifty Smallcap 250 index fell 0.24 per cent and the Nifty Smallcap 50 inched up by 0.16 per cent. Sectorally, the Nifty IT index gained 2.21 per cent and the Nifty Midsmall Healthcare index declined by 0.64 per cent.
During the opening session, the Sensex rose 500 points from its last close to open at 84,947.37, and the Nifty inched up over 160 points to start trading at over 26,028.
Market Gains Despite Weak Global Cues
The Indian markets witnessed gains despite weak global cues as there are reports of an imminent trade deal between India and US, which is doing the rounds.
The market reaction through Nifty implied open confirms this, as per analysts.
“The market rally that has already begun during the festive season is expected to gain further momentum, enabling the Nifty to reach new record highs. The unprecedented sales witnessed over the past few days have the potential to boost corporate earnings. The recent return of FIIs as buyers and short covering are factors that can further drive the rally. Clearly, it is advantage bulls,” said V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited.
Foreign Institutional Investors (FIIs) bought equities worth Rs 96.72 crore on Tuesday, according to exchange data.
According to Prashanth Tapse, Senior VP (Research), the mood remains buoyant as the US reportedly plans to slash tariffs on Indian imports to just 15-16 per cent, which is a game-changing move that could supercharge India's trade competitiveness and exports, he said.
The Indian equity markets were closed on Wednesday on account of Diwali Balipratipada.
Additionally, after touching new record highs earlier in the session, investors booked profits, causing a slight retreat in key indices. Despite the pullback, markets remain poised to log a sixth consecutive day of gains.
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