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After experiencing two consecutive days of decline, benchmark equity indices rebounded on Thursday, reaching record highs as investors engaged in value-buying across bellwether stocks ahead of quarterly earnings announcements amidst mixed global market trends.

 

The BSE Sensex, comprising 30 shares, surged by 497.06 points or 0.67 percent, touching an all-time high of 74,373.88. Meanwhile, the NSE Nifty climbed by 144.70 points or 0.64 percent, hitting a fresh peak of 22,579.35.

 

In the preceding two sessions, both indices had closed lower. Notably, the Sensex had reached its previous peak on April 1, registering an intra-day high of 74,254.62, and closing at 74,014. On the same day, the Nifty also achieved its peak closing level of 22,462, with an intra-day high of 22,529.95.

 

Among the constituents of the Sensex, 28 stocks were trading positively, with HDFC Bank, NTPC, PowerGrid, Tata Steel, and Axis Bank leading the gains, while IndusInd Bank and ICICI Bank were the sole decliners. On the NSE Nifty, 46 shares were in the positive territory.

 

According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, both global and domestic indicators suggest that the market may consolidate in the near term and turn its attention towards the forthcoming Q4 results.

 

He emphasized that the market anticipates favorable results particularly from the automotive, capital goods, telecom, and select pharmaceutical sectors. Financial institutions, despite potential net interest margin (NIM) compression, are expected to report strong results and are thus likely to attract investor interest.

 

While Asian markets remained closed, European markets concluded Wednesday's session on a positive note, and the US markets displayed mixed performance, with gains in the S&P 500 and Nasdaq, and a marginal loss in the Dow.

 

Foreign Institutional Investors (FIIs) reportedly divested equities worth Rs 2,213.56 crore on Wednesday, according to exchange data. Meanwhile, the global oil benchmark Brent crude saw a modest increase of 0.37 percent, reaching USD 88.68 per barrel.