Sensex gains 238 points on value buying after recent slide

Stock markets recovered on Thursday, with the benchmark Sensex closing higher by 238 points on broad-based buying by investors after a heavy correction in the previous session.

The 30-share BSE Sensex opened higher and jumped further 823.05 points, or 1.07 per cent, to hit a high of 77,326.65 later in the day. The index, however, pared gains due to some profit-taking in the last hour and closed at 76,741.82, up by 238.22 points, or 0.31 per cent.

The 50-share NSE Nifty rose by 80.75 points, or 0.34 per cent, to end at 23,962.80. The broader index hit a high of 24,134.70 before giving up some of the gains at fag-end. Analysts said caution prevailed in the market as the US and Iran exchanged fire for a second consecutive day. Among Sensex shares, Sun Pharma emerged as the biggest gainer, rising by 2.7 per cent. Bharti Airtel rose by 2.15 per cent, lending major support to the benchmark index. Gains in Bajaj Finserv, InterGlobe Aviation, Eternal, Kotak Mahindra Bank and HDFC Bank helped Sensex close in the green.

Infosys emerged as the biggest loser, dropping by 1.8 per cent. Maruti, NTPC and Axis Bank were among the laggards. TCS shares declined by 0.52 per cent. After market hours, the company reported a modest 4.61 per cent increase in its net profit to Rs 13,349 crore for the June 2026 quarter.

Revenue jumped by nearly 14 per cent year-on-year to Rs 72,275 crore.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,962.80 crore on Wednesday, according to exchange data.

Brent crude, the global oil benchmark, traded marginally higher by 0.15 per cent to USD 78.14 per barrel.

“Indian equity markets staged a moderate rebound, aided by supportive global cues, though investors remained watchful of the geopolitical developments that had triggered the last trading day’s sell-off,” Vinod Nair, Head of Research, Geojit Investments Limited, said.

The recovery was led by mid and smallcap stocks, with realty and PSU banks bouncing back strongly after their recent correction, he added.

On Wednesday, the Sensex tanked 1,677.12 points, or 2.15 per cent, to settle at 76,503.60. On similar lines, the Nifty tumbled 516.65 points, or 2.12 per cent, to end at 23,882.05.

“Indian equities showed resilience today despite global volatility and escalating geopolitical tensions in West Asia. While the near-term market direction may remain mixed, strong domestic fundamentals are expected to support the broader recovery,” Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd, said.

The BSE SmallCap Select index jumped 1.79 per cent and MidCap Select index climbed 1.39 per cent.

Among sectors, Realty surged 3.70 per cent, followed by PSU Bank (1.73 per cent), Telecommunication (1.67 per cent), MidSmall Private Banks Quality Tilt (1.39 per cent), Services (1.36 per cent), Consumer Durables (0.94 per cent), Capital Goods (0.94 per cent), Industrials (0.94 per cent) and FMCG (0.94 per cent).

IT, Utilities and Auto were the laggards.

A total of 2,896 stocks advanced, while 1,342 declined and 178 remained unchanged on the BSE.

In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225 index and Shanghai’s SSE Composite index rebounded and settled in the green, while Hong Kong’s Hang Seng index ended lower.

Markets in Europe were trading mostly in positive territory.

“Indian equity markets staged a partial rebound on bargain buying after the previous session’s sharp Middle East-driven sell-off. However, investor sentiment remained cautious as the United States and Iran exchanged strikes for a second consecutive day, casting doubt over the prospects for diplomatic talks and keeping risk appetite subdued,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.

US markets ended mostly lower on Wednesday.