The Nifty 50 index closed at 22,997.35 on Thursday, nearly touching 23,056 intraday, marking a gain of 374.65 points or 1.66 percent. The BSE Sensex surged 1,533.72 points to close at 74,315.61, rising 2.11 percent, as Indian markets defied a sharp regional selloff in Asia. This rally came despite South Korea’s KOSPI plunging 7.57 percent and Japan’s Nikkei shedding 4.56 percent on the same day, according to thehindubusinessline.com.
The rally was driven by large-cap stocks, with Tech Mahindra surging 4.75 percent, ICICI Bank rising 3.80 percent, Bharti Airtel gaining 3.98 percent, Reliance Industries adding 3.50 percent, and HCL Technologies climbing 3.10 percent. The Bank Nifty also rose 494.50 points or 0.89 percent to 55,810.50. However, the Nifty Midcap 100 and Smallcap 100 indices declined by 0.36 percent and 1.31 percent, respectively. Market breadth was weak, with declines outnumbering advances, highlighting a rotation rather than a broad rally.
This divergence in market performance underscores India's relative resilience amid a broader Asian market rout. While South Korea and Japan experienced steep losses triggering emergency trading halts, Indian markets managed to close strongly above key technical levels, including the 20-day exponential moving average for the first time since mid-August. The rally reflects selective buying in large-cap stocks amid regional volatility, contrasting with weakness in mid and small caps.
The BSE Sensex’s 1,533.72-point gain on Thursday was its sharpest single-day rally in weeks. The Nifty’s close above its 20-day exponential moving average on October 15 marks a technical milestone since August 14, as per thehindubusinessline.com.