Benchmark equity indices rebounded sharply in afternoon trade on Thursday, with the Sensex rallying 1,000 points and Nifty reclaiming the 23,700-mark in a strong intraday recovery, led by firm global cues and sustained foreign fund inflows. If the levels hold, markets are poised for gains for a fourth straight day.
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After a weak start, the 30-share BSE Sensex surged 1,009.59 points, or 1.31 percent, to an intraday high of 78,053.88. The NSE Nifty jumped 278.7 points, or 1.18 percent, to a high of 23,715.90. Both the indices had slipped in early trade, with the Sensex falling over 360 points and the Nifty dropping nearly 130 points.
Broad-based buying, with financials, auto and oil & gas stocks led the recovery. Sentiment turned positive in the second half of the session as global markets remained firm. Bharti Airtel, ICICI Bank, Grasim, SunPharma and Zomato were among top gainers.
Key factors behind the rally:
1) Rupee strength: The Indian rupee strengthened for the fourth straight session, appreciating 10 paise to 85.54 against the US dollar in early trade, supported by foreign capital inflows and a softer greenback globally. The domestic unit had ended Wednesday with a 16 paise gain.
2) Firm global cues: Asian markets saw broad gains with South Korea’s Kospi rising over 1 percent, Japan’s Nikkei 225 up 1.32 percent, and Hong Kong’s Hang Seng gaining over 1 percent. Wall Street Futures were also trading higher, indicating a strong opening for US markets.
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3) Sustained FII inflows: Foreign institutional investors remained net buyers for the second straight day. On Wednesday, FIIs bought shares worth Rs 3,936 crore, while domestic institutional investors (DIIs) booked profits to the tune of Rs 2,513 crore.
“FIIs are likely to continue buying high quality largecaps in domestic consumption sectors,” said Dr VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
4) Trade deal hopes with US: Investors are also factoring in the possibility of a bilateral trade deal between India and the United States in the coming months. “The US sees India as one of its top allies alongside the UK, Japan and South Korea. If a trade agreement materialises, it could open up new opportunities for Indian exporters amid the US-China trade war,” Vijayakumar added.
5) Buying in heavyweights: Heavy buying was seen in blue chip companies amid the sharp recovery today. Bharti Airtel, Eternal (Zomato), ICICI Bank, Sun Pharmaceutical Industries and State Bank of India advanced up to 3 percent.
What technical charts indicate:
According to Anand James, Chief Market Strategist at Geojit Financial Services, “We had highlighted a likely dip towards 23,080–22,975. However, after dipping just below 23,300, markets turned around swiftly, hinting at trend exhaustion beyond 23,390.”
He added that nearly 72 percent of Nifty 50 stocks are trading in the upper half of the Bollinger Bands, signalling a possible sideways movement ahead. “For now, we are watching the 23,160–23,650 range as key support and resistance until a fresh directional trend emerges,” James noted.
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