Mkt Recovery Continues Amid Fall In Crude Price, Dollar Index

Mumbai: BSE benchmark Sensex rallied nearly 610 points to reclaim the 74,000 mark, while NSE Nifty closed above 22,500 on Thursday following heavy buying in Reliance on easing crude oil prices and firm global trends after US President Donald Trump softened stand on tariffs.

Recovering from early losses, the 30-share BSE Sensex jumped 609.86 points or 0.83 per cent to settle at 74,340.09, marking its second straight day of gains. During the day, it surged 660.57 points or 0.89 per cent to hit a high of 74,390.80. The broader Nifty of NSE advanced 207.40 points or 0.93 per cent to close at 22,544.70. In the session, the 50-share barometer jumped 219.15 points or 0.98 per cent to hit an intraday high of 22,556.45. The market capitalisation of BSE-listed firms climbed by Rs4,53,808.84 crore to Rs3,97,57,850.59 crore ($4.57 trillion).

“The Indian indices exhibited resilience, owing to positive global cues following Trump’s softened tariff stance on automakers from Canada & Mexico amidst the weakening dollar index. A correction in crude oil prices, influenced by a slowdown in demand and further economic stimulus from China, ignited optimism in the energy and metals sectors,” Vinod Nair, head (research), Geojit Financial Services.

Broader markets also closed higher with the BSE smallcap gauge climbing 1.63 per cent and midcap index advancing 0.65 per cent.

Shrikant Chouhan, head (equity research) at Kotak Securities, said: “The benchmark indices continued their positive momentum. Among sectors, the Oil & Gas and Metal indices rallied over two per cent, whereas intraday profit booking was observed in IT and Realty stocks.”

As many as 3,007 stocks advanced while 989 declined and 107 remained unchanged on the BSE.

Ajit Mishra, sr V-P, Research at Religare Broking Ltd, said: “Markets extended their rebound, gaining nearly a percent on the weekly expiry day, driven by strong cues. After a gap-up opening, Nifty dipped in the early session but witnessed a notable recovery in heavyweight stocks across sectors, pushing the index higher and closing near the day’s high at 22,528.15 level. The recent cool-off in crude oil and the dollar, along with the potential negotiations on US tariffs, has improved global sentiment and fuelled this rebound.”

From the Sensex pack, Asian Paints, NTPC, Reliance Industries, Tata Steel, Bajaj Finserv, Hindustan Unilever, Sun Pharmaceuticals, Adani Ports & SEZ, Axis Bank, Tata Consultancy Services, Titan and Bajaj Finance were the major gainers.