The Indian stock markets closed in positive territory on Thursday, with the BSE Sensex and Nifty 50 registering gains for the sixth consecutive session. The Sensex ended at 81,053.19, up 147.89 points or 0.18%, while the Nifty closed at 24,811.50, gaining 41.30 points or 0.17%.
Market sentiment was buoyed by anticipation of U.S. Federal Reserve Chair Jerome Powell’s speech on Friday. Investors hope it will provide insights into potential interest rate cuts later this year.
Among the Sensex stocks, Bharti Airtel led the gainers, rising 1.60%, followed by Tata Steel and ICICI Bank, both up 1.38%. Titan and JSW Steel also saw 1% and 0.91% gains, respectively. On the other hand, M&M and NTPC were the top losers, both declining 1.20%, followed by Tata Motors (-1.16%), TCS (-1.13%), and Power Grid (-0.83%).
In the broader market, Grasim Industries was the top gainer on the NSE, surging 2.65%, while Wipro led the losers, falling 1.37%.
Avdhut Bagkar, Technical and Derivatives Analyst at StoxBox, noted, “Both indices recorded their highest closing levels since August 1. Broader indices also saw gains, with the Nifty Midcap 100 up by 0.69% and the Nifty Smallcap 250 rising by 0.32%.”
The market breadth was positive, with 2,462 stocks advancing and 1,501 declining on the BSE. Three hundred forty-two stocks hit their 52-week highs, while only 15 touched their 52-week lows.
Osho Krishan, Senior Analyst at Angel One Ltd, commented, “The index continues to display a small-bodied candlestick formation for the fifth consecutive session. However, the prevailing strength in the broader market space consistently uplifts the index.”
Krishan added, “On the technical front, the benchmark index is now close to the bearish gap on the daily time frame, situated around 24850-24950, presenting a potential challenge for the bulls.”
As markets look ahead to Powell’s speech, analysts maintain a cautiously optimistic outlook. They advise investors to focus on stock-specific opportunities and implement proper risk management strategies.