Mumbai (Maharashtra) [India], October 16 (ANI): Indian equity markets witnessed a sharp rally on Thursday, buoyed by positive global cues and renewed optimism surrounding India-US trade negotiations. At the close of trading, the Nifty50 on the National Stock Exchange (NSE) rose 261.75 points to 25,585.30, while the BSE Sensex climbed 862.23 points to 83,467.66, with both indices gaining over one per cent.
The rally was largely driven by heavyweight large-cap stocks, including Axis Bank, Kotak Mahindra Bank, ICICI Bank, and Reliance Industries. On the sectoral front, market breadth was broadly positive, with all sectoral indices closing in the green except Nifty PSU Bank. Nifty FMCG, Nifty Realty, and Nifty Private Bank led sectoral gains, reflecting strong leadership in the rally.
The BSE midcap index rose 0.3%, while the smallcap index added 0.6%. Analysts noted that the broader market underperformed frontline indices, indicating that the rally was primarily led by selective participation in large-cap names.
Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, said, “Nifty is trading above all its crucial moving averages, which are on a rising trajectory. Momentum indicators, including the 14-period RSI, remain in bullish territory, suggesting that the underlying strength is intact.”
Praveen Dwarakanath, Vice President at Hedged.in, added, “Nifty gapped up and continued its momentum towards its immediate resistance at the 25,650 level. Weekly chart indicators suggest strong momentum, and Nifty could move towards its all-time high of 26,250 before this month’s expiry.”
The banking benchmark, Bank Nifty, opened with an upside gap and extended gains throughout the session, trading near its all-time high, reflecting robust bullish sentiment across the banking sector.
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