Sensex Surges Over 550 Points, Nifty Reclaims 24,200 as IT Stocks Rally

Sensex Rallies Over 550 Points, Nifty Crosses 24,200 as IT, Financial Stocks Lead Gains

Domestic equity markets opened sharply higher on Thursday, with the Sensex gaining more than 550 points and the Nifty moving back above 24,200, supported by buying in IT and financial stocks.

At around 9:36 am, the BSE Sensex was up 554.88 points, or 0.72%, at 77,464.56. The Nifty 50 gained 127.30 points, or 0.53%, to 24,205.60 after touching an early high of 24,225.45.

IT stocks led the early rally. Infosys advanced more than 2%, while TCS gained over 1%. HCLTech and Tech Mahindra were also trading in positive territory.

Financial stocks also supported the market. HDFC Bank rose 0.77%, Bajaj Finance gained 1.3%, Kotak Mahindra Bank climbed 1.32% and Shriram Finance advanced more than 2%.

Among Sensex constituents, Eternal was the biggest gainer, rising 2.36%, while Wipro gained nearly 1.5%.

The broader market, however, saw weakness in metal and select energy stocks. Hindalco fell 1.6%, while ONGC declined more than 1.5%. Coal India and Max Healthcare were also among the early losers. Reliance Industries, Sun Pharma, NTPC and Power Grid traded marginally lower.

Geojit Investments’ Chief Investment Strategist Dr VK Vijayakumar said the market could see a short-term reversal after declining for 12 consecutive trading sessions.

He said the market had entered oversold territory, making a mild rebound driven by short-covering likely. Lower US bond yields could also provide a supportive backdrop for global equities.

Vijayakumar noted that mid- and small-cap stocks have continued to perform relatively well despite weakness in large-caps, helped by revenue and earnings growth. He pointed to CDMO, precision engineering and power infrastructure as sectors where management commentary remains encouraging, although some of the positive outlook may already be reflected in valuations.

He also highlighted LIC’s approval to acquire up to 9.99% in HDFC Bank as a key market development.

Thursday’s gains came after the benchmark indices ended lower in the previous session. The Sensex had declined 325.78 points and the Nifty fell 76.60 points on Wednesday amid concerns over rising crude oil prices and geopolitical uncertainty.