Sensex, Nifty rebound sharply from day's low; Tata Steel, L&T, Axis Bank emerge as top gainers

Indian benchmark indices recovered from intraday lows to end marginally higher on Thursday in a volatile session, after the Economic Survey projected GDP growth of 6.8–7.2% for FY27, compared with an estimated 7.4% growth in the current fiscal.

Markets opened on a weak note and stayed in the red for most of the first half of the session. However, buying interest emerged in the second half, helping indices recover losses and close near the day’s highs. At the close, the Sensex rose 221.69 points, or 0.27%, to 82,566.37, recovering about 858 points from the day’s low of 81,707.94. The Nifty added 76.15 points, or 0.30%, to settle at 25,418.90, bouncing nearly 259 points from its intraday low of 25,159.80.

L&T, Tata Steel, Eternal, Axis Bank and Tata Motors Passenger Vehicles were the top gainers on the Nifty. On the other hand, Asian Paints, SBI Life Insurance, InterGlobe Aviation, Maruti Suzuki and Tata Consumer Products ended lower. Tata Steel climbed 4.49%, L&T gained 3.80%, and Axis Bank rose 3.39%, while Tata Motors Passenger Vehicles and Eternal advanced around 3% each. Asian Paints was the biggest laggard, falling 3.85%. IndiGo shares declined 2.71%, while SBI Life Insurance slipped 2.69%.

Sectorally, pharma, PSU banks, IT, FMCG and auto stocks declined 0.7–1%. In contrast, metal, realty, private banks, power, energy, and oil & gas stocks gained between 0.6% and 3%.

More than 100 stocks hit their 52-week highs, including Hindustan Copper, Oil India, NALCO, Jindal Steel, MCX India, Muthoot Finance, Vedanta, Hindalco Industries, Tata Steel, ONGC, Coal India, Indian Bank, Federal Bank, SBI, JSW Steel, SAIL, Tech Mahindra, Shriram Finance, APL Apollo, and Union Bank.

Meanwhile, over 270 stocks touched their 52-week lows, including Afcons Infrastructure, Sheela Foam, Vedant Fashions, BLS International, DOMS Industries, Newgen Software, SBI Card, Akzo Nobel, Emami, CG Consumer, Syngene International, Havells India, Exide Industries, Happiest Minds, Brigade Enterprises, and Piramal Pharma.

Among broader markets, the Nifty Midcap and Smallcap indices ended with marginal gains.

Analyst reaction

According to Siddhartha Khemka, head of research, wealth management at Motilal Oswal Financial Services, Indian equity markets ended mixed on Thursday after opening lower, supported by a pre-Budget rally and optimism around the India–European Union free trade agreement.

“Market sentiment was supported by the Economic Survey for FY26, which projected India’s GDP growth at 6.8–7.2% for FY27, providing a constructive macro backdrop ahead of the Union Budget. On the global front, the Federal Reserve kept interest rates unchanged, in line with expectations, with markets not pricing in another rate cut before the June policy meeting. Currency markets added to the cautious mood, with the rupee hitting an all-time low of 92 against the dollar in early trade, pressured by steady dollar demand and a subdued global environment.  Additionally, Brent crude oil prices have risen above $70 per barrel for the first time since September amid escalating tensions between the United States and Iran. Overall, markets are expected to remain range-bound, with stock-specific action likely to dominate in the run-up to the Budget.”

According to a note by Bajaj Broking, markets remained under pressure through the first half, before late-session buying helped pare losses and push indices close to the day’s highs. “Sentiment stayed cautious as investors largely awaited key domestic triggers, including the Economic Survey and the upcoming Union Budget.”