The market traded higher on Thursday, with the Sensex rising over 250 points and the Nifty crossing the 24,150 mark, supported by buying in information technology and banking stocks amid positive global cues and softer crude oil prices.
The upbeat mood was led by IT heavyweights Infosys and TCS, which emerged among the top gainers on the Sensex. Banking stocks also witnessed healthy buying, helping the broader market maintain its upward momentum. Investors remained optimistic as easing international crude oil prices improved the outlook for inflation and India’s import bill.
Apart from IT, select financial and auto stocks also traded in positive territory, reflecting broad-based buying across sectors. The rally followed encouraging global market trends and expectations that lower energy prices could provide further support to corporate earnings and the domestic economy.
On the losing side, Trent and Bajaj Finance were among the biggest drags on the benchmark indices, witnessing profit booking after recent gains. A few consumer and financial stocks also traded lower, although losses remained limited as overall market breadth stayed positive.
Market participants said the decline in crude oil prices and improving global sentiment encouraged investors to add positions in quality large-cap stocks. Analysts, however, advised caution, noting that markets could remain volatile amid evolving global economic and geopolitical developments.
With benchmark indices extending gains for another session, investors will now track global cues, corporate announcements and upcoming macroeconomic data for fresh direction. Despite intermittent volatility, the overall sentiment remained positive as strong buying in frontline IT and banking stocks outweighed weakness in a handful of heavyweight counters.
