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Financial giants State Bank of India (SBI) and ICICI Bank were among the major contributors to the rally, alongside infrastructure heavyweight Larsen & Toubro (L&T). Bharti Airtel also registered substantial gains, rising over 2%. Furthermore, Adani Group stocks experienced remarkable increases across its portfolio, with Adani Energy Solutions notably standing out.
Earlier in the day, during the mid-morning trade session at the National Stock Exchange (NSE), companies such as Bhartiya Intnl and Emami Realty reached new annual highs. The Nifty index surged to 20,569.65 while the Sensex concurrently reached 68,445.05. Stocks like Bharat Petroleum Corporation Limited (BPCL), Adani Enterprises, and L&T led the gains.
The market capitalization on the Bombay Stock Exchange (BSE) increased by ₹4.09 lakh crore as a result of these movements.
This bullish trend in Indian equities was set against a backdrop of mixed performances in Asian markets. While MSCI’s Asia-Pacific index was up marginally, Japan’s Nikkei fell amid an appreciation of the yen.
Macroeconomic factors also played a role in today’s market dynamics. Speculation around potential rate cuts by the Federal Reserve led U.S bond yields to decline. This speculation came after comments from Federal Reserve Chair Jerome Powell hinted at such a possibility. Meanwhile, tensions in the Middle East contributed to a softening of crude oil prices, with Brent crude priced at $78.36 per barrel and West Texas Intermediate (WTI) at $73.62 per barrel.
The Indian rupee showed marginal strength against the US dollar, trading at ₹83.27, while the dollar index edged up slightly by 0.03%.
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