The S&P BSE Sensex rose 398.44 points, or 0.49%, to close at 82,172.10, and the NSE Nifty 50 gained 135.65 points, or 0.54%, to end at 25,181.80.
Top movers
Metals shares rose 2.2%, leading gains in the major indices, while base metals prices rose due to supply disruptions at key global mines including Freeport’s Grasberg operation in Indonesia.
The heavyweight IT index rose 1.1%, extending its six-session winning streak to around 6%. Tata Consultancy Services rose 1.1% ahead of the publication of its September quarter results later in the day.
The broader markets also recovered, with the midcap and smallcap indices rising 1% and 0.6% respectively.
Among individual movers, food delivery company Swiggy rose 3.6% after Citi lifted its price target, citing expected 21% revenue growth for the September quarter. Rival Eternal climbed 1.1% to a record high after Citi also raised its target, indicating strong momentum at its high-speed trading arm, Blinkit.
Expert views
The market resumed its upward momentum after a brief lull in the previous session with the Nifty index forming a bullish candle on the daily chart, said Nilesh Jain, Head of Technical and Derivatives Research at Centrum Broking. He added that the index found support at the 21-day moving average near 25,000, but again encountered resistance around the 25,200 level. “A decisive break above 25,200 could open the door for a new part of the rally, potentially leading to short covering and a quick move towards 25,350. Momentum indicators and oscillators on the daily chart remain firmly in buy mode, suggesting that any dip is likely to attract buying interest. Immediate support has now shifted higher towards 25,000, and as long as the index remains above this level, it appears there appears to be a move towards 25,400 in the October range. probably,” Jain said.
Global markets
Asian shares soared to new highs on Thursday as investors piled into artificial intelligence-linked stocks, continuing the region’s tech-driven rally. However, European shares opened lower, led by weakness in banking stocks, as investors assess the risk of a pullback following Asia’s AI-driven rise.
The MSCI World Equity Index was little changed on the day.
Gold held steady near $4,000 and last traded at $4,041.29, while the dollar maintained its recent strong gains.
Rough impact
Oil prices were little changed on Thursday as investors balanced optimism about a possible ceasefire in Gaza – which could ease tensions in the Middle East – with stalled peace talks in Ukraine, which threaten to extend sanctions on Russia and restrict its exports.
Brent crude fell 12 cents to $66.13 a barrel, while US West Texas Intermediate fell 14 cents to $62.41 by 0943 GMT.
Rupee vs dollar
The Indian rupee remained near all-time lows on Thursday, with intervention from the Reserve Bank of India helping to dampen the currency’s ongoing weakness. The rupee closed at 88.7825 against the US dollar, little changed on the day and remaining just below last week’s low of 88.80.
Elsewhere, the dollar index rose to a two-month peak last at 98.9, supported by a softer euro amid political uncertainty in France and a weaker yen after a leadership change in Japan’s ruling party.
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