Indian benchmark stock indices staged a powerful, broad-based rebound on Thursday, with the Sensex surging 1,534 points (or over 2%) to close at a three-week high, brushing off a weak global trading backdrop.
The 30-share BSE Sensex jumped 1,533.72 points (2.11%) to settle at 74,315.61, hovering near its intra-day peak. Concurrently, the NSE Nifty climbed 374.65 points (1.66%) to close at 22,997.35, marking its highest level since September 25.
Key Drivers of the Market Surge
- Jio Platforms IPO Enthusiasm: Reliance Industries shares surged 4.03% after its digital and telecom subsidiary, Jio Platforms, announced a price band of ₹1,065 to ₹1,119 per share for its upcoming initial public offering. Expected to raise around ₹30,213 crore, the offering is slated to open from October 21 to October 23, acting as a major catalyst for market sentiment.
- Heavyweight Financials and IT Rally: Major institutional heavyweights drove the advance. Tech Mahindra rallied 4.61%, followed by ICICI Bank (4.17%), Bharti Airtel (2.94%), HCLTech (2.58%), HDFC Bank (2.51%), and TCS (2.28%).
- Macroeconomic Tailwinds: Easing global crude oil prices—with Brent crude sliding 2.34% to USD 103.6 per barrel—alongside correcting bond yields and currency stability, bolstered investor confidence despite mixed performances in broader Asian and US markets.
Analyst Perspectives
Market experts noted that India’s relative appeal improved as global tech-heavy markets faced valuation pressures. Domestic large-cap technology, private financials, and defensive heavyweights absorbed significant capital inflows.
While Foreign Institutional Investors (FIIs) remained net sellers in recent sessions, robust domestic buying successfully erased Wednesday’s losses and propelled indices near key technical resistance thresholds.
