Sensex jumps over 900 points, Nifty inches above 22,950; Reliance, Jio, Adani stocks lead gains

Benchmark indices rallied on Thursday, with the Sensex rising over 600 points and the Nifty 50 moving close to the 22,900 mark, as buying in heavyweight stocks, including Reliance Industries, Jio Platforms and Adani Enterprises, lifted market sentiment.

The BSE Sensex was trading 900.69 points, or 1.23%, higher at 74,146.72, while the NSE Nifty 50 gained 254.90 points, or 1.12%, to 22,953.75 around 2:55 pm. The Nifty had touched an intraday high of 22,959.85, while the Sensex rose to 74,166.16.

Reliance, Jio shares support market

Reliance Industries shares rose 1.26% to ₹1,172.60, recovering after the stock fell 3.19% in the previous session. The company’s telecom and digital arm, Jio Platforms, which made its stock market debut on Wednesday, was trading 0.44% higher at ₹1,423.80.

Jio shares had touched an intraday high of ₹1,489.70 before paring most of their gains. The stock had surged on its debut, drawing investor interest following its initial public offering.

Reliance’s gains were important for the benchmarks given the stock’s heavy weightage in both indices. Buying in other large-cap stocks also supported the broader market.

Adani stocks, financials among top gainers

Adani Group stocks were among the notable gainers. Adani Ports and Special Economic Zone rose after reporting an 18% year-on-year increase in consolidated net profit to ₹3,682.44 crore for the September quarter and raising its operating profit guidance. Adani Enterprises was also among the leading Nifty gainers.

Power Grid Corporation, Kotak Mahindra Bank and Hindustan Unilever were among the other stocks supporting the rally. However, the gains were not uniform across the market. Trent, Asian Paints, SBI Life Insurance, Bajaj Auto and Maruti Suzuki were among the Nifty 50 laggards.

Sectorally, FMCG stocks led gains, with the Nifty FMCG index rising 1.81%. The Nifty PSU Bank index gained 1.04%, while financial services, consumer durables and realty stocks also traded higher. The Nifty Auto index was in the red.

Fed decision, institutional buying in focus

The US Federal Reserve kept interest rates unchanged, a move that offered some support to global equities, although elevated inflation, high US bond yields and crude oil prices continued to pose risks.

Foreign institutional investors bought equities worth ₹871.83 crore on Wednesday, while domestic institutional investors were net buyers to the tune of ₹643.35 crore, providing additional support to the market.

Brent crude eased around 1% to about $114 a barrel in early trade but remained elevated, keeping concerns over imported inflation and India’s external balances in focus. The India VIX or volatility index fell 5.18% to 15.40, indicating a decline in near-term market anxiety.