New Delhi, 15 October (H.S.): The domestic stock market witnessed a sharp rally on Thursday ahead of Diwali, with benchmark indices registering substantial gains. The BSE Sensex surged 1,533.72 points, or 2.11 per cent, to close at 74,315.61. Similarly, the NSE Nifty climbed 374.65 points, or 1.66 per cent, to settle at 22,997.35.

The rally was supported by developments surrounding the second-quarter earnings of banks and other companies, along with a strong five per cent rise in Tech Mahindra shares during the trading session. The sharp gains boosted investor sentiment. The Indian rupee also strengthened by 13 paise against the US dollar, reaching a provisional level of Rs 95.04 per dollar. A decline in international crude oil prices, coupled with gains in information technology and automobile stocks, provided further support to the market.

IT Stocks Extend Gains for Third Consecutive Session

Shares of major information technology companies, including Tata Consultancy Services (TCS), Infosys, HCL Technologies and Tech Mahindra, continued their upward momentum for the third consecutive trading session.

The gains were attributed to encouraging financial results and selling pressure in certain artificial intelligence-related stocks. As some AI-linked shares faced selling pressure, investors showed greater interest in traditional IT companies, helping the information technology sector close in positive territory.

Markets Recover After Wednesday’s Decline

The rally on Thursday followed a subdued session on Wednesday, when both benchmark indices ended lower. The BSE Sensex had declined 251.89 points, or 0.34 per cent, to close at 72,781.89, while the NSE Nifty had fallen 99.25 points, or 0.44 per cent, to settle at 22,622.70.

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Hindusthan Samachar / Jun Sarkar