Mumbai, Oct 15: Indian stock markets ended sharply higher on Thursday, with the BSE Sensex surging 1,533.72 points, or 2.11%, to close at 74,315.61, while the NSE Nifty 50 gained 374.65 points, or 1.66%, to settle at 22,997.35. Easing crude oil prices, improved investor sentiment and strong buying in heavyweight stocks supported the market rally.
The sharp recovery came as lower crude oil prices eased concerns over inflation and rising input costs. For India, which relies heavily on imported crude oil, a sustained decline in international oil prices could help reduce pressure on the import bill, support the rupee and improve the outlook for businesses facing elevated transportation, logistics and energy costs.
Buying interest was visible across several frontline stocks, with Tech Mahindra, ICICI Bank and Bharti Airtel emerging among the leading gainers on the Nifty. The information technology sector recorded strong gains, while private banking stocks also contributed to the positive market performance.
However, the rally remained uneven across market segments. The Nifty MidCap index declined 0.36%, while the Nifty SmallCap index fell 1.31%, indicating continued pressure on broader-market stocks despite the strong recovery in benchmark indices. The PSU banking sector also underperformed, reflecting differences in investor sentiment across sectors.
The Nifty reclaimed the crucial 23,000 level during intraday trading but failed to sustain its position above the mark at the close. Market participants will now watch the 23,000–23,100 range as an immediate resistance zone. A sustained move above this level could strengthen the recovery and open the possibility of further gains towards 23,300–23,400.
On the downside, the 22,800 level remains an important near-term support. A break below this level could revive selling pressure and push the index towards the 22,600–22,500 range.
The Indian rupee also strengthened during the session, gaining around nine paise to trade at 95.05, supported by a softer US dollar index, relatively stable crude oil prices and improved sentiment following the equity market rally.
Going forward, the sustainability of the recovery will depend on several factors, including corporate earnings for the July–September quarter, foreign investor flows, crude oil price movements and developments in global markets. Revenue growth and profit margins will remain important indicators for assessing the strength of corporate performance.
While Thursday’s rally provided relief to investors after recent market volatility, continued stability in energy prices and broader participation across market segments will be essential for a more durable recovery. Investors are likely to remain watchful of geopolitical developments, global inflation trends and currency movements as domestic equities navigate the coming sessions.