Mumbai, August 6: The Indian stock market closed in positive territory for the second consecutive session on Thursday, buoyed by mixed signals from global markets. The Sensex recorded a gain of 374 points, while the Nifty closed above 24,600. Prior to a dip on Tuesday, the domestic market had seen a rally for four straight sessions.
At the close, the 30-share BSE Sensex rose by 373.76 points, or 0.48%, reaching 78,954.76, while the Nifty 50 increased by 11.35 points, or 0.05%, to settle at 24,636.00.
In the broader market, the Nifty Midcap index fell by 0.44%, whereas the Nifty Smallcap index saw an increase of 0.48%.
Sector-wise, the Nifty PSU Bank emerged as the top performer, gaining 2.20%. The Nifty Oil and Gas sector also saw a rise of 0.8%. Additionally, the Nifty Consumer Durables and Financial Services sectors recorded gains of 0.17%.
Conversely, the Nifty Media sector was the weakest performer, declining by 1.28%. The Nifty Realty index also fell by 1.32%. The Nifty Auto and Nifty Metal sectors experienced declines of 1.01% and 0.99%, respectively, while the Nifty IT index dropped by 0.95%.
Among the Nifty 50 stocks, SBI, BEL, Eternal, Titan, Shriram Finance, and Cipla saw the most significant gains. In contrast, Power Grid, Tata Steel, JSW Steel, TCS, and Bajaj Auto experienced the largest declines.
A market expert noted that easing crude oil prices and intensified diplomatic efforts to stabilize shipping activities in the Hormuz Strait provided support to the markets.
The RBI’s stable policy stance and a positive growth outlook further boosted market sentiment, leading to selective buying in heavyweight, banking, and energy stocks.
Experts believe that investors are optimistic about better earnings in the upcoming quarters, as lower crude prices could ease inflationary pressures and help improve margins.
Amid this changing market sentiment, there has been a noticeable trend of ‘bargain buying’ in O2C-based businesses after a prolonged period of weak performance. This reflects a reassessment of long-term value in energy, telecom, retail, and other sectors.
However, profit booking was observed in several sectors, including auto, metal, IT, realty, and cement. Despite this, the strength in small-cap stocks helped maintain overall market resilience.
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