Hardwood timber Indian shares traded on a higher note on Thursday, with financials and consumer durables leading the rally on the Sensex and Nifty, fueled by optimism over a domestic earnings rebound and fresh foreign capital inflows.
The S&P BSE Sensex rose 0.60%, or 500 points, to 83,111, while the NSE Nifty 50 added 0.54%, or 140 points, to trade at 25,460.
On the 30-stock Sensex, Axis Bank, Adani Ports, Eternal, Titan and Mahindra & Mahindra were the top gainers, climbing between 1% and 4%.
On a sectoral basis, private banks rose 1%, led by a 3% jump in Axis Bank.
Broader markets also edged higher, with small-caps up 0.6% and mid-caps adding 0.2%.
Among the index heavyweights, HDFC Bank and ICICI Bank each gained 0.6%, while Reliance Industries added 0.5%.
Expert views
The latest comments from the U.S. administration indicate reduction in the India-U.S. trade tensions and points to the possibility of a U.S.-India trade deal in the next few weeks, said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments, adding that China’s tough actions regarding the rare earth magnets have hit the U.S. hard and, therefore, it is “keen on striking a deal with India with both countries making some concessions.”
“Even though Indian macros are robust and GDP growth projection for FY26 is being revised up, India’s exports and jobs in labour intensive areas like textiles, gems and jewellery and leather products have been hit hard. In this context, a US-India trade deal will be a big boost to the markets,” said Vijayakumar.
The low CPI inflation of 1.54% in September and the possibility of FY26 annual inflation declining to 2.6% open up the possibility of further rate cuts by the MPC, Vijayakumar asid, adding that this, in turn, will boost the prospects of rate sensitives particularly automobiles, which are likely to experience sustained high demand for an extended period of time.
Global MarketsStocks rose across Asia Thursday, led by chip and AI-related shares, after a strong rally on Wall Street overnight. Japan’s Nikkei advanced 0.8%, while Taiwan gained 1.4%, South Korea’s KOSPI jumped 1.8%, and Australia’s benchmark added 1.1%, with all three hitting record highs.
Hong Kong and mainland Chinese equities also climbed following an early wobble, despite ongoing trade tensions between Beijing and Washington.
U.S. stock futures were mostly flat after the S&P 500 rose 0.4% and the Nasdaq 0.6% overnight, while the Philadelphia Semiconductor Index surged 3%. Gold extended gains, up 0.6% to a record $4,234.41 an ounce.
FII/DII Tracker
On the institutional front, Foreign Institutional Investors (FIIs) bought equities worth Rs 68.6 crore on October 15, while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 4,650 crore.
Crude impact
Oil prices rose about 1% in early Thursday trade after U.S. President Donald Trump said Indian Prime Minister Narendra Modi had pledged that India would halt purchases of Russian crude, which accounts for roughly one-third of its imports.
Brent crude futures added 57 cents, or 0.9%, to $62.48 a barrel at 0046 GMT, while U.S. West Texas Intermediate (WTI) rose 54 cents, or 0.9%, to $58.81.
FII/DII Tracker
On the institutional front, Foreign Institutional Investors (FIIs) bought equities worth Rs 68.6 crore on October 15, while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 4,650 crore.
Rupee vs Dollar
The Indian rupee rose 0.3% to 87.8125 per U.S. dollar on Thursday, hitting a one-month high, aided by central bank intervention, a softer dollar, and comments from U.S. President Donald Trump that Prime Minister Modi had pledged to halt oil purchases from Russia.
The dollar index, which tracks the greenback against six major currencies, fell 0.28% to 98.51.
(with inputs from agencies)