Sensex surges over 1,500 points, Nifty Bank at near all-time high

• MUMBAI — Indian stock markets ended sharply higher on Thursday, extending their winning run for the fourth straight session as strong buying in banking shares helped the domestic indices clocked a robust performance.
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• The Sensex opened slightly lower at 76,968 and dropped to the day's low of 76,666 in early trade. However, the index soon bounced back strongly and touched an intra-day high of 78,617 -- a jump of 1,951 points from the low.
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• By the end of the session, the Sensex closed with a strong gain of 1,509 points, or 1.96 per cent, at 78,553.
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• The Nifty index also witnessed a sharp rebound. After touching an intra-day low of 23,299, the Nifty surged to a high of 23,872. It eventually closed the day 414 points higher at 23,852, up 1.8 per cent.

Also read: Indian stock market opens flat, Sensex above 76,700

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• Among the top performers on the Nifty were Bharti Airtel, ICICI Bank, Bajaj Finance, Sun Pharma and Eternal.
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• On the other hand, stocks like Wipro, Hero MotoCorp, Tech Mahindra, and JSW Steel saw some profit booking and ended in the red.
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• All major sectors saw buying interest. Sectors like telecom, PSU banks, oil and gas, pharmaceuticals, auto, energy, and private banks gained between 1 to 2 per cent.
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• The broader market also remained firm, with the BSE Midcap and Smallcap indices adding around 0.5 per cent each.
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• According to Ruchit Jain, Vice President of Technical Research at Motilal Oswal, the rally appears to be more than just a short-term pullback, as it is supported by broad-based participation, especially from large-cap names and banking and financial stocks.
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• "The Bank Nifty index is now trading close to its all-time high, reflecting strong sectoral support,” Jain added.
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• Meanwhile, the Indian rupee also showed some strength. It closed 31 paise higher at 85.37 against the US dollar, compared to Wednesday’s close of 85.68.
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• “Despite global concerns, domestic sentiment remained upbeat, driven by strong buying in heavyweight stocks and hopes of economic stability,” experts noted.