Sensex and Nifty Extend Gains Driven by IT Rally, Foreign Inflows, and Lower Crude Prices

MUMBAI — Indian benchmark equity indices maintained their upward trajectory in early trade on Thursday, buoyed by strong buying interest in technology heavyweights, steady foreign capital inflows, and a pull-back in global crude oil prices.

The 30-share BSE Sensex climbed 75.71 points to trade at 77,726.62 in early sessions, while the broader 50-share NSE Nifty advanced 26.90 points to reach 24,275.85. The positive opening follows a blockbuster rally on Wednesday, when the Sensex surged nearly 889 points and the Nifty surged past the 24,250 mark.

Key Movers and Shakers

Technology stocks led the charge on the BSE Sensex pack. Prominent gainers included Infosys, Tech Mahindra, HCL Technologies, Tata Consultancy Services (TCS), Mahindra & Mahindra, and Sun Pharma.

On the flip side, profit-booking was visible in select counters, with Adani Ports, Asian Paints, Eternal, and Bharat Electronics featuring among the notable drag factors.

Foreign Inflows & Crude Oil Dynamics

Market sentiment received a boost from domestic institutional activity and foreign capital flows. According to provisional exchange data, Foreign Institutional Investors (FIIs) turned net buyers on Wednesday, picking up equities worth ₹2,981.87 crore.

Adding further cushion to domestic equities, global oil prices softened. Brent crude, the international benchmark, dipped 1.26% to $89.60 per barrel, easing concerns around energy-driven inflation for net-importer economies like India.

Mixed Global Signals

The domestic market’s resilience came despite a cautious tone across international equity markets following policy commentary from the U.S. Federal Reserve.

While the Fed opted to hold interest rates steady, an unusually hawkish stance—with three policymakers dissenting in favor of a rate hike—dragged Wall Street down on Wednesday. Long-dated U.S. Treasury yields touched near two-decade highs, triggering a sell-off in technology shares. The Dow Jones Industrial Average dropped 2.19%, the S&P 500 slid 1.52%, and the Nasdaq Composite lost 1.74%.

Asian equity markets presented a mixed picture during morning trade. While Japan’s Nikkei 225 index traded in green, South Korea’s KOSPI, China’s Shanghai Composite, and Hong Kong’s Hang Seng traded in negative territory.

Despite the choppy global backdrop, analysts note that resilient corporate earnings, institutional buying support, and soft crude prices continue to provide a firm base for Indian equities.