MUMBAI — Stock markets extended gains for the second day on Thursday helped
by buying in IT, consumer durables and commodity stocks amid a largely positive
trend in global markets.
In a volatile trade, the 30-share index rose by 115.39
points or 0.15 per cent to settle at 76,520.38. The barometer started on a
negative note dropping by 202 points to a low of 76,202.12. The index pared
losses later and climbed 338.55 points or 0.44 per cent to hit a high of
76,743.54.
The broader NSE Nifty rose by 50 points or 0.22 per cent
to end at 23,205.35.
From the pack, UltraTech Cement, Mahindra &
Mahindra, Sun Pharmaceutical, Zomato, Tech Mahindra, Tata Steel, Tata Motors,
Titan, ITC and Bajaj Finance were the major gainers.
In contrast, Kotak Mahindra Bank, HCL Technologies,
PowerGrid, Reliance Industries, State Bank of India, Hindustan Unilever,
IndusInd Bank, Nestle India and Axis Bank were among the laggards.
"Uncertainty lingers whether the trade tariff
measures will affect global trade, instigate higher inflation, and currencies
volatility. The trend holds a declining momentum YTD with a pause today
contemplating the upcoming 2025 budget, which has a muted expectation,"
Vinod Nair, Head of Research, Geojit Financial Services, said.
Meanwhile in-line Q3 results showcasing QoQ growth to the
indices suggesting that Q4 will be much better, Nair said.
In broader markets, the BSE smallcap index rose 0.67 per
cent and midcap gauge jumped 1.78 per cent.
Among BSE sectoral indices, Consumer Durables rose the
most by 1.95 per cent, Commodities by 1.86 per cent, Focused IT by 1.79 per
cent, Information Technology by 1.51 per cent, Services 1.42 per cent and
Consumer Discretionary and Healthcare went up 1.28 per cent each.
On the other hand, Energy, Bankex and Oil & Gas were
the only laggards.
Overall, the market breadth was positive as 2,119 stocks
advanced while 1,842 declined and 106 remained unchanged on the BSE.
The market capitalisation of BSE-listed companies rose by
INR 2,75,359.24 crore to INR 4,24,63,686.80 crore or USD 4.91 trillion.
"Despite a tepid start during the day, the benchmark
soon gave up its losses after a surge led by gains in IT helped the indices
recover. The sector's sentiments were further buoyed by optimism surrounding
President Donald Trump’s private-sector investment plan for AI infrastructure.
"However, the gains experienced a holdback driven by
concerns over moderation in earnings," Ameya Ranadive Chartered Market
Technician, CFTe, Sr Technical Analyst, StoxBox, said.
An overall positive trend was also seen throughout the
broader market. Sectorally, IT remained the key gainer, led by a positive
earnings outlook and optimistic sectoral view, Ranadive added.
On the stock-specific front, UltraTech Cement gained
approximately 6 per cent during the latter part of the trading session, led by
positive earnings.
In Asian markets, Tokyo, Shanghai and Hong Kong were
trading in positive territory while Seoul was quoting in the negative.
US markets ended higher in overnight deals on Wednesday.
Global oil benchmark Brent crude fell 0.34 per cent to
USD 78.73 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities
worth INR 4,026.25 crore on Wednesday, according to exchange data.
On Wednesday, the 30-share BSE Sensex surged 566.63 points
to close at 76,404.99 and the NSE Nifty climbed 130.70 points to settle at
23,155.35.
