Sensex surges 1,500 points, Nifty reclaims 23,000 after 12 sessions as IT, banks lead rally

Benchmark indices S&P BSE Sensex and NSE Nifty 50 rallied sharply on Thursday. The 30-share BSE Sensex surged more than 1,500 points and the broader NSE Nifty 50 crossed the 23,000-mark after 12 consecutive trading sessions, as buying in information technology, banking and heavyweight stocks lifted market sentiment.

At 1:38 pm, the Sensex was trading at 74,309.74, up 1,527.85 points, or 2.10%, from its previous close of 72,781.89. The Nifty 50 gained 430.20 points, or 1.90%, to 23,052.90, compared with its previous close of 22,622.70.

The rally comes after a period of weakness in equities, with investors turning to select large-cap stocks. However, the gains were not broad-based, as several mid-cap and small-cap indices continued to lag the benchmarks.

IT, private banks lead gains

The Nifty Private Bank index was among the top sectoral performers, rising 2.13%, while the Nifty IT index gained 1.93%. The Nifty Auto index advanced 1.84% and the Nifty Financial Services index rose 1.71%. The Nifty Bank index was up 1.28%.

Among Nifty 50 constituents, Tech Mahindra gained 3.85%, while Bharti Airtel advanced 3.80%. ICICI Bank rose 3.48% and Reliance Industries gained 3.34%. Maruti Suzuki, HCLTech and Tata Consultancy Services were also among the gainers.

The advance in benchmark indices contrasted with weakness in smaller stocks. The Nifty Smallcap 100 fell 1.11%, while the Nifty Microcap 250 declined 1.39%. The Nifty Midcap 150 was nearly flat, gaining just 0.01%, according to the intraday market data.

Nestlé India slips despite strong Q2 numbers

Nestlé India was among the biggest Nifty 50 laggards, falling as much as 8.87% intraday despite reporting a 36.3% year-on-year increase in net profit to ₹1,026.8 crore for the September quarter. Revenue from operations rose 20.3% to ₹6,788.3 crore.

The company flagged rising food inflation and higher commodity costs as concerns, tempering the market's response to its strong quarterly performance. “Rising inflation, particularly food inflation, is a reality,” chairman and managing director Manish Tiwary said.