Dalal Street put on its most spectacular show in four months on Thursday, as benchmark indices staged a thundering rally that defied a grim global backdrop. The 30-share BSE Sensex vaulted 1,533.72 points, or 2.11 per cent, to close at 74,315.61, while the Nifty 50 climbed 374.65 points, or 1.66 per cent, to finish at 22,997.35 — the largest single-day advance for both indices in four months.
The surge stood out precisely because it ran counter to the global mood. Heavy selling had swept through Asian markets during the day, as investors fretted over stretched valuations in artificial-intelligence stocks and hotter-than-expected inflation prints in the United States. Indian equities, however, broke ranks. According to Vinod Nair of Geojit, the global tech sell-off improved India’s relative appeal, triggering a rotation into domestic large-caps by investors hunting for steadier ground.
Banking and technology shares powered the charge. The Nifty Private Bank index gained 1.89 per cent, the Nifty IT index added 1.82 per cent and the Nifty Auto index rose 1.67 per cent. The flip side was visible too: Nifty PSU Bank slipped 1.55 per cent and Nifty Media declined 1.47 per cent, underscoring that Thursday’s enthusiasm was selective rather than broad-based.
The individual leaderboard reflected the large-cap character of the rally. Tech Mahindra was the standout, rising over 4.6 per cent, followed by ICICI Bank at 4.17 per cent and Reliance Industries at 4.03 per cent. Bharti Airtel added around 3 per cent, while HCLTech, HDFC Bank and TCS each advanced more than 2 per cent. Reliance’s strength had a clear catalyst: Jio Platforms unveiled an IPO price band of Rs 1,065 to Rs 1,119 per share, a deal that could raise Rs 30,213 crore and become the largest initial public offering in Indian history.
One heavyweight bucked the trend dramatically. IDBI Bank plunged about 8 per cent to Rs 83.07 after the Union Cabinet approved a Rs 52,878-crore stake sale to Fairfax at a discount, souring sentiment in the counter even as the broader market roared.
Currency and commodity markets added texture to the session. The rupee firmed 12 paise to 95.05 against the US dollar, while Brent crude slipped sharply. Gold prices rose 1.3 per cent to Rs 1,47,804 per 10 grams and silver gained 1.32 per cent to Rs 2,11,083, suggesting investors were still hedging their bets even as equities celebrated.
A note of caution sits beneath the headline numbers. Market breadth was decidedly negative: 2,606 stocks declined against 1,592 that advanced on the BSE. The Midcap index shed 0.5 per cent and the Smallcap index lost 1.3 per cent, confirming that the rally was driven almost entirely by index heavyweights while smaller companies lagged.
Even so, Thursday’s performance signals a revival in institutional appetite for Indian blue-chips at a time when global investors are reassessing richly valued technology bets elsewhere. With the Jio Platforms mega-IPO on the horizon and earnings season gathering pace, Dalal Street will watch closely whether the momentum can carry into the coming week — or whether the global crosscurrents that battered Asia resurface closer to home.
