The Nifty index closed on a positive note, with most sectoral indices recording gains in Thursday's trading session.
Vaibhav Vidwani, Research Analyst at Bonanza Portfolio, noted that the announcement of TCS's buyback at Rs 4,150 propelled Nifty IT to surge by 2.69%, making it one of the top-performing sectors for the day.
Closing at 19,765.20, the Nifty50 marked a gain of 89.75 points or 0.46%. Meanwhile, the Sensex also saw an upward movement, climbing 306.55 points or 0.47% to end the day at 65,982.48.
The day's market positivity was attributed to a global sentiment buoyed by a drop in global inflation data for October, as highlighted by Vidwani.
Reliance Industries Ltd experienced a 0.7% increase in its stock value, following a significant block deal involving 1.06 million shares changing hands, as reported by Bloomberg.
Among the top gainers on the Nifty were Hero MotoCorp, Tech Mahindra, TCS, HCL Technologies, and Infosys. Conversely, Axis Bank, Coal India, Power Grid Corporation, Tata Consumer Products, and Adani Enterprises were among the day's losers.
Vinod Nair, Head of Research at Geojit Financial Services, highlighted the Indian market's positive resurgence, aligning with global gains. The softer-than-expected US inflation data and reduced bond yields instilled optimism, indicating potential spending in technology and other sectors.
Furthermore, Nair observed a significant rise in IT stocks, indicating the market's anticipation of future winners in export-based sectors like IT and pharma. Additionally, the decline in inflation is perceived as beneficial for domestically-oriented staple and consumer sectors, contributing to the market's positive outlook.
(With Agency Inputs)
