Equity markets in India surged for the fifth consecutive session, with the Sensex crossing the 74,000 mark and the Nifty closing above 22,550 on Thursday.
Heavy buying in banking, financial, and metal stocks fueled this rally, overcoming an initial sell-off.
The 30-share BSE Sensex climbed 486.50 points or 0.66%, settling at 74,339.44, while the NSE Nifty advanced 167.95 points or 0.75%, reaching 22,570.35.
Despite a weak start influenced by negative cues from Asian markets, Indian indices gained momentum in the latter half of the trading session.
Axis Bank saw a 6% jump following its announcement of a consolidated net profit of Rs 7,599 crore for the March 2024 quarter.
Other major gainers included State Bank of India, NTPC, Nestle, Sun Pharma, JSW Steel, ITC, Mahindra & Mahindra, and HCL Technologies.
However, Kotak Mahindra Bank faced a setback, plummeting 10.85% after the RBI prohibited it from onboarding new customers online and issuing fresh credit cards due to repeated non-compliance with IT norms.
FMCG giant Nestle India reported a 27% increase in net profit for the fourth quarter, reaching Rs 934 crore, attributed to strong growth across its product portfolio.
In the broader market, the BSE midcap index rose by 0.71%, and small-cap stocks advanced by 0.54%. Sector-wise, services, metal, healthcare, power, and energy sectors showed gains, while consumer durables and realty lagged.
While Asian markets closed mixed, European markets traded similarly, and Wall Street closed with a mixed outlook on Wednesday.
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