MUMBAI: Benchmark equity indices extended gains on Thursday, supported by falling crude oil prices and strength in banking stocks, while information technology shares remained under pressure amid concerns over the US interest-rate outlook, according to media reports.
The BSE Sensex rose 254.36 points, or 0.33%, to settle at 77,409.98, while the NSE Nifty 50 gained 82 points, or 0.34%, to close at 24,168.
The benchmarks have advanced about 4.8% and 4.3%, respectively, over the past five trading sessions.
Markets traded in a narrow range for most of the session before witnessing buying in the final hour, aided by expectations of foreign investor inflows and continued optimism over lower crude oil prices.
Crude oil prices extended losses after the United States and Iran reached an interim agreement aimed at easing tensions in the region.
Brent crude fell 2.1% to around USD 77.8 per barrel, while WTI crude remained below USD 76 per barrel.
Lower oil prices are considered beneficial for India as they help contain inflation, improve the current account balance, support the rupee and reduce imported inflation pressures.
Banking and financial stocks led the market higher. The Nifty Financial Services index rose 0.73%, while Nifty PSU Bank gained 0.66% and Nifty Private Bank added 0.49%.
Major banking stocks posted gains, supporting the broader market.
Technology stocks continued to face selling pressure after the US Federal Reserve signalled that interest rates could remain elevated for longer.
The Nifty IT index declined 1.19%, making it the worst-performing sectoral index of the day.
Several frontline IT companies ended lower as investors assessed the potential impact of higher US borrowing costs on technology spending and export demand.
Broader markets continued to outperform the benchmark indices. The Nifty Smallcap 100 gained 0.44%, the Nifty Midcap 100 rose 0.41% and the Nifty Midcap 50 added 0.32%.
India VIX, the market’s volatility gauge, declined 3.90% to 12.67, indicating easing volatility and improving investor sentiment.
Disclaimer: This content is based on media reports and market data available at the time of reporting and is for informational purposes only. Investors are advised to consult a qualified financial expert before making any investment decisions. VisionMP is not responsible for any loss arising from the use of this information.
