Indian benchmark indices rebounded from early losses in Thursday’s trading, led by strong performance in banking and financial services stocks, even as broader market sentiment remained mixed amid ongoing geopolitical concerns.

The BSE Sensex traded at 81,253.09, up 246.48 points or 0.30 per cent from its previous close, while the NSE Nifty rose 101.70 points or 0.41 per cent to 24,851.55 as of 12.31 PM. The recovery comes after four consecutive sessions of decline.

Banking stocks emerged as key drivers, with the Nifty Bank index gaining 583.50 points or 1.14 per cent. The Nifty Financial Services index also showed strength, advancing 273.80 points or 1.16 per cent. Axis Bank led the gainers, surging 5.41 per cent.

The technology sector displayed divergent trends, with Wipro continuing its upward momentum, rising 4.03 per cent following its recent profit surge and bonus share announcement. However, Infosys emerged as the top loser, dropping 4.33 per cent.

Auto stocks showed resilience, with Eicher Motors and Tata Motors gaining 3.65 per cent and 2.62 per cent respectively. HDFC Life advanced 2.33 per cent.

Consumer stocks faced selling pressure, with ITC declining 1.83 per cent, followed by Britannia and Nestle India, which fell 1.43 per cent and 1.19 per cent respectively. HCL Tech shed 0.81 per cent.

The broader market showed a negative bias, with 2,072 stocks declining compared to 1,713 advances on the BSE. The session witnessed 185 stocks hitting 52-week highs, while 49 touched their 52-week lows.

The Nifty Next 50 index gained 0.47 per cent to reach 74,354.90, while the Nifty Midcap Select index advanced marginally by 0.22 per cent to 13,020.65.

Market breadth remained tilted towards sellers, with 249 stocks hitting upper circuit limits and 219 stocks touching lower circuits. Trading volumes showed 3,918 stocks being actively traded on the BSE as of 12.35 PM.

Published on October 18, 2024