Indian stock markets bounced back on Thursday, ending a three-day losing streak, as buying in banking and IT stocks lifted sentiment. The BSE Sensex rose 535 points to close at 72,996, while the NSE Nifty gained 148 points to settle at 22,123.
Market Recovery Driven by Banking and IT Shares
The recovery was led by strong gains in banking and IT stocks, with the Nifty Bank index climbing 1.2% and the Nifty IT index advancing 1.5%. HDFC Bank, ICICI Bank, and Infosys were among the top contributors to the rally.
Global Cues and Domestic Factors
Positive global cues, including a rebound in US markets and easing crude oil prices, supported domestic sentiment. Additionally, fresh buying by domestic institutional investors (DIIs) and short covering by traders added to the momentum.
Analysts said the market's resilience indicates that the recent correction was overdone and that valuations are now attractive for long-term investors. However, they caution that volatility may persist due to global uncertainties.
- The Sensex had fallen over 1,500 points in the previous three sessions.
- Market breadth was positive, with 1,862 stocks advancing and 1,234 declining on the BSE.
- Foreign institutional investors (FIIs) remained net sellers, offloading shares worth Rs 1,200 crore.
Among sectoral indices, auto, metal, and realty also ended higher, while pharma and FMCG stocks saw mixed performance.
