The festival mood seems to have entered Dalal Street days in advance, as Indian frontline indices gained over 1% in Thursday’s trading session. The rally was largely led by financial heavyweights following Axis Bank’s results, which triggered a sharp rise in private sector banks.
A strong Q2 performance by Nestle powered a rally in broader FMCG stocks, sending the Indian stock market to its biggest intraday gain since early October.
The Nifty 50 rallied 1.03% to the 25,585 level, while the S&P BSE Sensex surged 1.04% to 83,467 points. Broader markets also showed similar strength, with the Nifty Midcap 100 advancing 0.46% and the Nifty Smallcap 100 closing 0.24% higher.
In terms of sector-wise performance, the Nifty FMCG index stood out, rallying 2.02%, followed by Nifty Realty and Nifty Private Bank, which gained 1.90% and 1.48%, respectively.
The Nifty Metal index also picked up momentum in the second half of the session, ending 0.68% higher, while Nifty Oil & Gas and Nifty IT advanced 0.54% and 0.37%, respectively. Nifty PSU Bank was among the few losers, falling 0.44%. The Nifty PSU Bank was the only loser, slipping 0.44%
