The Indian stock market witnessed a significant surge on Thursday. The Sensex, comprising 30 stocks, reached the level of 74,315.61, registering a gain of 1533 points or 2.11%. Similarly, Nifty50 was trading at 22,997.35, up by 374.65 points or 1.66%, which is quite close to the 23000 level.
Despite the overall strong rally in the market, heavy selling was observed in the midcap and smallcap segments. Mid and smallcap indices fell by more than 1 percent, resulting in a downturn in the portfolios of most investors.
This prevented a sharp increase in the BSE market capitalization. Compared to a market capitalization of ₹470.40 lakh crore, the BSE market capitalization rose to ₹471.06 lakh crore on Thursday, leading to an increase of ₹66 thousand crore in investor wealth.
The primary reason for this strong rally in the market was the excellent performance of large-cap company shares. Reliance Industries was trading at ₹1223 per share with a gain of 4.03%. Additionally, Tech Mahindra's shares saw a rise of 4.61%, while ICICI Bank's stock also increased by over 4%.
Furthermore, shares of Bharti Airtel, Eternal, HCL Tech, HDFC Bank, TCS, and Kotak Mahindra Bank saw gains of up to 3%, playing a significant role in pulling the market upwards.
After a gap of several days, there was a tremendous jump in the Oil & Gas, Auto, IT, and Banking sectors. These sectors closed on Thursday with a growth of 1 to 1.8%. Globally, crude oil prices saw a slight decline; after crossing $105, they fell by 1.69% to approximately $104 per barrel. Along with this, the rupee strengthened, and US bond yields registered a slight decrease.
Good buying occurred in some valuable stocks in the Indian stock market, which made this strong rally possible.
Out of a total of 4,591 stocks listed on BSE, 1,657 stocks registered a gain, while 2741 stocks closed with a decline, and 193 stocks remained unchanged. Among these, 126 stocks were trading at their 52-week highs, while 114 stocks were at their 52-week lows. Additionally, 39 stocks hit the lower circuit, although no stock managed to trade at the upper circuit.
