Indian equities extended gains on Thursday, marking the fifth consecutive session of gains as global cues provided mixed signals. According to MarketSmith India, BSE Sensex closed 254 points higher at 77,410, while NSE Nifty 50 advanced 82 points to settle at 24,168. The rally was supported by a sharp drop in Brent crude prices to around $75.9 per barrel following an interim US-Iran peace agreement, which helped offset a hawkish policy stance from the US Federal Reserve. Market breadth remained strong with 1,897 advancing stocks against 1,349 declines, indicating broad-based participation despite mixed sectoral performance.
Sectoral trends revealed strong rotational buying patterns, with Banking, Healthcare, and Real Estate spearheading the late-stage recovery. As per MarketSmith India, stocks such as Max Healthcare, State Bank of India, and HDFC Bank emerged as key pillars of support. The Nifty Financial Services gained 0.73%, PSU Bank rose 0.66%, and Private Bank advanced 0.49%. Realty sector gained 0.69% and Healthcare surged 0.98%, while Pharma rose 0.56%. Conversely, the IT sector faced sustained profit-booking, falling 1.19%, acting as the primary laggard. The Nifty IT index was largely flat alongside Metal and Oil & Gas sectors.
MarketSmith India has issued two buy recommendations for today's trading session. Elecon Engineering Co. Ltd is recommended at a current price of ₹560 with a target price of ₹650 in two to three months and stop loss at ₹520. The company is described as a leading industrial gear manufacturer with strong export opportunities and improving operating margins. Lumax Industries Ltd is recommended at ₹5,361 with a target price of ₹6,200 in two to three months and stop loss at ₹4,970. Latest technical analysis shows Elecon Engineering has a P/E ratio of 42.27 with a 52-week high of ₹697.65 and volume of ₹83.35 crore, while Lumax Industries has a P/E ratio of 38.05 with a 52-week high of ₹6,934.50 and volume of ₹7.68 crore.
According to MarketSmith India's technical analysis, Nifty 50 has reclaimed and closed above its 20- and 50-day exponential moving averages, positioning the psychological 24,000 zone as a vital support level for upcoming sessions. The Relative Strength Index (RSI) rose sharply to 62.4, moving above its signal line while remaining comfortably above the neutral 50 mark, suggesting strengthening positive momentum without entering overbought territory. The MACD continues to witness a bullish crossover, with the MACD line trending above the signal line and the histogram expanding in positive territory. A decisive breakout and sustained close above 24,000–24,100 would further validate the bullish setup, potentially setting the stage for an extension toward 24,350–24,600 over coming sessions. For the Sensex, technical indicators show RSI at 70.97, having crossed into overbought territory, while the index has broken out of its recent consolidation range and moved above its 200-day moving average.
