Sensex climbs 238 points, Nifty ends above 23,960 as realty and PSU bank stocks shine

Mumbai- Indian equity benchmarks rebounded on Thursday, with the Sensex gaining 238 points and the Nifty closing above the 23,960 mark, driven by strong buying in realty, consumer durables and PSU banking stocks.

The BSE Sensex advanced 238.22 points, or 0.31 per cent, to settle at 76,741.82, while the NSE Nifty50 rose 80.75 points, or 0.34 per cent, to end the session at 23,962.80.

Market analysts said the Nifty continues to face immediate resistance in the 24,100–24,200 range. A decisive close above this zone could confirm a bullish breakout and open the door for a move towards the 24,400 level.

On the downside, experts identified the 23,900 level as a key short-term support. A sustained breach below this mark may trigger fresh selling, with the index potentially slipping towards the 23,800–23,600 range.

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Among the Nifty50 stocks, Sun Pharmaceutical Industries, Bajaj Finserv and Bharti Airtel were the top gainers, providing strong support to the broader market rally.

Broader indices outperformed the headline benchmarks during the session. The Nifty MidCap index climbed 1.38 per cent, while the Nifty SmallCap index gained 1.80 per cent, indicating healthy participation beyond large-cap stocks.

Sector-wise, the Nifty Realty index emerged as the biggest gainer, followed by the Nifty Media, Consumer Durables and PSU Bank indices, all of which ended the day with solid gains. The Nifty IT index, however, remained under pressure and was the weakest-performing sector, capping the market's overall upside.

According to market experts, investor sentiment remained supported by improving domestic fundamentals, including expectations of a stronger second half of the year, better monsoon conditions and attractive valuations.

However, analysts cautioned that global markets could remain volatile after the latest US Federal Reserve meeting minutes highlighted persistent inflation concerns, raising uncertainty over the outlook for interest rates.

With inputs from IANS