Shrugging off weak cues from global markets, Indian equities got off to a strong start on Thursday. Both the Sensex and the Nifty opened in the green the moment trading began, and early gains put investors in an upbeat mood. The biggest driver of the rally was a fresh wave of buying in IT stocks, which turned the overall market sentiment sharply positive.
In the opening session, the Bombay Stock Exchange's Sensex climbed 289.66 points to reach 77,212.30. The National Stock Exchange's Nifty was not far behind either, adding 89.20 points to trade at 24,095.05. Advancing stocks clearly outnumbered the decliners, keeping the mood on the Street firmly positive.
IT Stocks Lead the Charge
The IT pack shone brightest in early trade. Infosys surged around 3.4%, while HCL Tech rose about 3% and TCS gained roughly 2.2%. Tech Mahindra and Wipro also added more than 1% each. This buying in IT counters gave both the Sensex and the Nifty a solid base to build on.
Other Heavyweights That Gained
Beyond IT, several large-cap names also saw buying interest. Heavyweights such as Eternal, Adani Ports, IndiGo, HDFC Bank, Tata Steel, Titan, SBI, Sun Pharma, Kotak Mahindra Bank, Mahindra & Mahindra, Asian Paints and ITC were all trading in the green. Their strength further reinforced the broad, positive tone across the market.
Stocks Under Mild Pressure
That said, not every sector joined the rally. A few big names, including NTPC, Power Grid Corporation, Bajaj Finance, Bharti Airtel, ONGC, Maruti Suzuki, Larsen & Toubro, Axis Bank, ICICI Bank and Trent, saw some mild selling. Even so, their small declines could not do much to dent the market's overall advance.
What Investors Will Watch Next
For now, the market's direction will hinge on the strength of the IT sector, global economic cues, developments around US interest rates and the activity of foreign investors. If buying in IT and banking stocks continues at this pace, the market could well hold on to its gains in the coming trading sessions too.
