Mumbai, Oct 2026 : Indian equity markets rallied sharply on Thursday, with the benchmark Sensex surging over 1,500 points and the Nifty approaching the 23,000 mark, as declining crude oil prices eased concerns over inflation and rising input costs.
The BSE Sensex climbed 1,533.72 points, or 2.11 per cent, to close at 74,315.61. The NSE Nifty gained 374.65 points, or 1.66 per cent, to settle at 22,997.35. The rally reflected broad-based buying in heavyweight stocks amid improving investor sentiment.
Market experts said the Nifty opened higher and maintained a pattern of higher highs and higher lows throughout the session, indicating sustained buying interest. The index crossed the crucial 23,000 level during intraday trading but failed to hold above it at the close.
According to analysts, the 23,000–23,100 range remains an immediate resistance zone. A sustained breakout above this level could strengthen bullish momentum and pave the way for the index to move towards 23,300–23,400.
On the downside, analysts cautioned that a failure to sustain above 22,800 could trigger fresh selling pressure, potentially dragging the index towards the 22,600–22,500 support zone.
Declining crude oil prices played a key role in supporting the market rally, easing concerns about inflationary pressures and higher production costs. Among the Nifty constituents, Tech Mahindra, ICICI Bank and Bharti Airtel emerged as leading gainers, contributing significantly to the benchmark indices' advance.
However, the broader market failed to match the strong performance of the frontline indices. The Nifty MidCap index declined 0.36 per cent, while the Nifty SmallCap index fell 1.31 per cent, indicating continued weakness in smaller stocks.
Sectoral performance remained mixed. The Nifty IT index recorded strong gains on the back of buying in technology stocks, while the Nifty PSU Bank index emerged as the weakest sectoral performer. The Nifty Private Bank index was among the leading gainers on the National Stock Exchange.
Analysts said the sustainability of the rally would depend on second-quarter corporate earnings, particularly revenue growth and profit margins, broader market participation and a revival in foreign investor inflows. Stability in crude oil prices and the rupee will also remain important amid geopolitical uncertainties and global inflation risks.
Meanwhile, the rupee strengthened by around nine paise to 95.05, supported by a softer US Dollar Index, stable crude oil prices and improved sentiment following the rally in domestic equities.
(Disclaimer :The content of this article is sourced from a news agency and has not been edited by the Mavericknews30 team.)
