Indian equity indices traded higher on Thursday as IT shares outperformed. The Nifty 50 rose 0.19% to 24,123, while Sensex gained 0.28% to 77,401. Despite the gains, the market remained in a narrow range amid volatility.
Indian equity markets maintained a cautious upward trajectory during midday trade on Thursday. The Nifty 50 index rose 45.40 points to reach 24,123.90, while the BSE Sensex advanced 215.69 points to 77,401.12. Despite the positive movement, trading activity remained restricted within a narrow range, suggesting that market participants are proceeding with caution.
IT Sector Gains Momentum
Information technology shares provided the primary support to the indices during the session. HCL Technologies emerged as the top gainer on the Nifty, rising 2.25% to ₹1,194.30 on increased trading volumes. Wipro also contributed to the index gains, moving up 1.45% to ₹177.99. Other sectors also showed selective buying, with Bajaj Finance and IndiGo recording gains of 1.49% and 1.48%, respectively, while Mahindra & Mahindra rose 1.39%.
Selling Pressure in Financials
While IT shares led the advance, certain segments of the financial sector experienced selling pressure. SBI Life Insurance saw the steepest decline among Nifty stocks, falling 2.11% to ₹1,827. Other financial entities including Axis Bank and Shriram Finance also traded in the red, shedding 0.66% and 0.63% respectively. Additionally, Bharat Electronics Limited (BEL) faced selling, declining 0.62%.
Broader Market Sentiment and Commodities
The advance-decline ratio on the Nifty 50 stood at 34:16, indicating that more stocks were trading higher than lower. Broader market data showed mixed sentiment, with approximately 105 stocks reaching 52-week highs while 67 touched 52-week lows. Technical indicators suggest that the Nifty is currently positioned between a support zone of 24,010–24,030 and a resistance level of 24,260–24,280.
External factors, particularly global commodity prices, continue to influence local markets. Crude oil prices remained elevated due to ongoing concerns regarding supply in the Middle East. This has also exerted downward pressure on the Indian rupee, which traded above the 96.20 level against the US dollar. Investors will be closely tracking whether the IT sector can sustain this momentum and how banking stocks react to the ongoing pressure in the coming sessions.