Indian equity benchmarks, Sensex and Nifty, closed higher in a volatile trading session on Thursday, with frontline indices outperforming the broader market even as global cues remained weak. The Sensex advanced 274 points to settle at 77,928, while the Nifty added 67 points to close at 24,317, reclaiming and holding above the psychologically important 24,300 level.
Key Highlights
- Sensex gained 274 points to 77,928 and Nifty added 67 points to 24,317, holding above 24,300.
- Auto stocks led gains nearly 2%, while Adani Ports, KPIT and realty stocks dragged on broader markets.
Strength in auto stocks, select IT names and heavyweight counters helped the benchmarks close in positive territory, even as pressure persisted in the broader market. The Nifty's ability to sustain above 24,300 pointed to resilience in large-cap counters, though participation across mid- and small-cap stocks remained subdued.
While the frontline indices ended the day in the green, the broader market told a different story. The Nifty Midcap Index slipped 221 points to close at 62,642, and overall market breadth stayed negative, with declining stocks outnumbering advancing ones. This divergence between large-caps and the broader market underscored continued caution among investors, even as headline indices posted gains.
Auto Stocks Drive the Rally
The Nifty Auto index was the standout sectoral performer, climbing close to 2% on broad-based buying. Mahindra & Mahindra topped the Nifty gainers' list, rising around 2%, while Eicher Motors also posted strong gains. Hero MotoCorp surged more than 3% on expectations of improved monthly sales, and Maruti Suzuki advanced ahead of its quarterly earnings announcement, lending strong support to Sensex and Nifty through the session.
Reliance Industries, IT Stocks Cushion Weakness in Banks
Buying interest in index heavyweight Reliance Industries, along with select IT counters, helped keep the stock market in positive territory despite pressure elsewhere. The Nifty Bank index fell 58 points to close at 57,148, but recovered sharply from its intraday lows as HDFC Bank and SBI ended the session in the green, helping limit broader losses in the financial space.
Earnings Reactions Dominate Stock-Specific Action
Corporate earnings remained a key driver of stock-specific moves during the session. MTAR Technologies hit its upper circuit, gaining 5%, after posting strong first-quarter results. Exide Industries rose 4% following double-digit growth across its business segments. Swiggy gained 3% ahead of its earnings announcement, reflecting positive investor expectations heading into the results.
Also Read: Indian Finance News Today: Earnings, Markets & IPOs Update
Realty, Ports and Select Technology Stocks Under Pressure
Weak earnings and cautious management commentary weighed on several counters through the session. Adani Ports fell more than 3% for the second consecutive session, making it the top loser on the Nifty. KPIT Technologies plunged over 7% after issuing a cautious outlook, while Prestige Estates and Waaree Energies declined 4-5% following disappointing first-quarter numbers. Realty emerged as the weakest sector overall, with the Nifty Realty index dropping nearly 2%.
