Sensex ends 734 pts off day’s high as oil stocks spoil IT rally; Nifty settles at 25,891

The Indian equity market extended its gains for the sixth consecutive session on Thursday, but a late-session sell-off in oil stocks trimmed the rally, with the BSE Sensex ending 130 points, or 0.15%, higher at 84,556.40. The Nifty 50 settled at 25,891.40, up just 22.80 points, or 0.09%, after touching an intraday high of 26,104.20.

During the session, the Sensex surged as much as 864 points to 85,290, supported by strong buying in IT and financial stocks. Infosys , HCLTech , and TCS led the IT pack, rising 3.86%, 2.43%, and 2.24% respectively. Among financials, Axis Bank and Kotak Mahindra Bank climbed 1.90% and 1.24%, while Titan gained 1.15% and Tech Mahindra added 1%.

However, selling pressure in oil and gas shares capped the broader rally. Reliance Industries , the country’s most valued stock, slipped 1.17%, while Adani Ports and Bharti Airtel fell 1.41% and 1.63%, respectively. Other laggards included Ultratech Cement (-1.75%) and Eternal (-2.88%).

"Domestic equities started on a positive note; however, they pared early gains as investors booked profits following sanctions on Russian oil and the possible postponement of India–US trade negotiations,” said Vinod Nair, Head of Research, Geojit Investments.

“Meanwhile, IT stocks advanced as sentiment improved after Trump’s softer tone on H1B visas. FIIs are gradually returning to Indian markets, encouraged by expectations of earnings rebound in H2FY26 supported by festive demand, tax benefits and GST reductions,” he added.

The broader market underperformed the benchmark indices, with the BSE MidCap index sliding 0.2%, while the SmallCap index sliding 0.5%. The market saw negative sentiment, with 2,409 stocks declining, 1,855 advancing, and 125 unchanged on the BSE.

Shares of oil marketing companies such as Hindustan Petroleum Corporation Ltd (HPCL), Bharat Petroleum Corporation Ltd (BPCL), and Indian Oil Corporation (IOC) slipping up to 4% amid renewed concerns over U.S. sanctions on Russian oil. The move raised fears of supply disruptions and potential cost pressures for Indian refiners, which have been among the key buyers of discounted Russian crude since 2022.

Ajit Mishra – SVP, Research, Religare Broking, said the market participants seemed to have chosen to book profits after the strong recent rally, especially following favorable developments such as optimism over an imminent India–US trade deal and stability on the global front. Additionally, renewed foreign institutional investor inflows, robust earnings from key sectoral leaders, and sustained festive season optimism have supported market sentiment.

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