Dalal Street rallies sharply; Sensex jumps 2%, Nifty nears 23,000
What Happened
Indian benchmarks staged a strong rally on Thursday. The Sensex climbed 1,533.72 points, or 2.11%, to 74,315.61, while the Nifty 50 gained 374.65 points, or 1.66%, to 22,997.35, after crossing 23,000 during the session. Private banks, IT and auto stocks helped drive the gains.
Key Takeaways
Large-cap stocks drove the rally, with Tech Mahindra, ICICI Bank and Reliance Industries among the top Nifty gainers. However, the broader market remained weak: Nifty Midcap fell 0.36% and Smallcap dropped 1.31%, showing that the headline rally was not broad-based. Softer crude oil prices also supported sentiment.