Indian equity benchmarks opened on a firm note, with the Sensex trading at 77,490, up 500 points, while the Nifty stood at 23,950, gaining 121 points at 9:15 AM. According to reports from The Economic Times, market sentiment remained supported by positive global cues, a rally across Asian markets and continued weakness in crude oil prices. The positive start was preceded by GIFT Nifty trading at 24,106, up 83 points or 0.35 per cent, indicating a firm opening for domestic equities.
Banking, pharma, and IT stocks emerged as the primary drivers of Thursday's market rally, with the Sensex gaining 500 points and the Nifty approaching 23,950. As reported by The Economic Times, this sector-specific strength helped the broader market indices rebound sharply from previous levels. The banking sector's strong performance was a key factor in the market's ability to extend gains beyond the initial opening levels.
On June 24, the Sensex had climbed 790.54 points, or 1.04 per cent, to close at 76,991.22, while the Nifty rose 197.55 points, or 0.83 per cent, to settle above the 24,000 mark at 24,021.65. According to The Economic Times, this previous session saw benchmark indices rebound more than 1 per cent, setting a positive tone for Thursday's opening. The current session's performance represents a significant extension of that momentum.
Market sentiment improved as crude oil prices declined and concerns surrounding the situation between the United States and Iran eased. As reported by The Economic Times, the possibility of uninterrupted energy flows through the Strait of Hormuz also supported investor confidence. Brent crude prices extended their decline as the near-term supply outlook improved, with the June Brent futures contract trading at $72.68 per barrel, down 1.44 per cent. Meanwhile, gold futures were down 0.24 per cent, while silver futures declined 1.63 per cent.
A senior US official indicated that the United States and India are very close to concluding a historic bilateral trade agreement that would open the 1.4 billion-strong Indian market to American goods on reciprocal and mutually beneficial terms. According to The Economic Times, this development, combined with easing Middle East tensions and lower crude prices, helped restore risk appetite and encouraged broader market participation during the session. The current market rally reflects continued optimism around this potential trade deal.
