Stock Market Today: Sensex Climbs 374 Points and Nifty Ends Above 24,600

The BSE Sensex increased 373.76 points or 0.48 percent to conclude at 78,954.76, while the NSE Nifty 50 rose 11.35 points or 0.05 percent to settle at 24,636. Hope of reducing inflation and increasing corporate margins caused banking, energy and selected blue chip companies, including Reliance Industries, to buy as milder crude prices boosted market mood.

Despite investors taking profits in auto, metals, IT, real estate and cement stocks, the broader market remained resilient, with small and mid cap shares outperforming on stock specific and earnings driven purchasing.

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Analysts stated that the market is still consolidating after the latest rally, with the Nifty remaining above the critical 24,500 level, although a continuous rise beyond 24,650 is necessary to restore greater bullish momentum.

Supported by lower crude oil prices, the Reserve Bank of India’s steady policy position and a few purchases of heavyweight equities, Indian benchmark indices closed Thursday’s volatile, range bound trading higher.

After a number of block transactions earlier this week, Reliance Industries drew a lot of new buying enthusiasm, becoming one of the Sensex’s largest gainers. Information technology, automobiles and real estate, among other areas, benefited from the massive stock.

(Disclaimer: Given the input is on an information basis, please seek professional advice.)