The Indian stock markets continued to move higher for the second day on Thursday, with the India VIX, a measure of the volatility in the markets, dropping over 11 percent.
At the end of trading hours, the S&P BSE Sensex was up 692 points, or 0.93 percent, at 75,074. The Nifty 50 was up 201 points, or 0.89 percent, at 22,821 at the close.
Stocks of midcaps and small caps performed better than large caps, with the Nifty midcap 100 gaining 1,147 points, or 2.24 percent, to reach 52,413, and the Nifty smallcap 100 increasing by 536 points, or 3.29 percent, to close at 16,826.
The Nifty IT, metal, PSU banks, realty, media, and energy were among the gainers, while pharma, FMCG, and private banks were underperformers.
Among the broader indices, BSE Midcap and Smallcap gained 2.60 percent and 1.57 percent, respectively.
On the BSE, 26 of the 30 constituents were in the green.
The lead gainers on the Sensex were Tech Mahindra, HCL Tech, SBI, ATPC, Infosys, L&T, and TCS. HUL, Asian Paints, M&M, Nestle, IndusInd Bank, and Sun Pharma were the lead losers.
Markets around the world were on the rise amid increasing bets on US Federal Reserve interest rate cuts.
According to Bonanza Portfolio Research Analyst Vaibhav Vidwani, despite the overhang of initial cautious sentiments from the election results, Indian stock markets have rebounded once again. "This is evident from the sharp rise in the benchmark indices after the 6 per cent fall of June 4, when the votes were counted. The NSE Nifty 50 jumped as much as 3.4 per cent on June 5, and extended gains by another 1.2 per cent on June 6, topping 22,900 points intraday," he said.
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