The Indian stock market opened on a strong note on Thursday, with benchmark indices rallying sharply amid renewed investor optimism and reports of an imminent US-India trade deal.
The Nifty 50 reclaimed the 26,000 mark for the first time since September 2024, opening 188.6 points higher at 26,057.20, up 0.73 per cent. Its previous 52-week high stood at 26,277.35. The BSE Sensex also surged 727.81 points, or 0.86 per cent, to open at 85,154.15, nearing its all-time high of 85,478.25 recorded on September 27, 2024.
Analysts attributed the rally to renewed buying in information technology (IT) stocks and improved market sentiment on hopes of a breakthrough in trade talks between New Delhi and Washington.
“Comments from President Donald Trump and responses from Prime Minister Narendra Modi indicate that an early trade deal is on the cards, involving some concessions from both sides,” market experts noted.
On the technical front, analysts said the upside objective for Nifty is set at 26,186, with 26,800 seen as an optimistic target. “The downside marker is placed at 25,780, but an outright reversal is not expected today,” they added.
Among the top gainers on the BSE and NSE were Infosys, HCLTech, and Tech Mahindra, which saw robust buying interest. Meanwhile, Bajaj Finserv, Maruti, and Power Grid were among the laggards.
Sector-wise, the Nifty IT index led the rally, jumping 1.87 per cent, followed by gains in FMCG (0.56%), Private Bank (0.52%), and Auto (0.20%). The Nifty Realty index was the only one in the red, slipping 0.08 per cent.
In the broader market, the Nifty Midcap 100 rose 0.44 per cent, while the Nifty SmallCap 100 gained 0.33 per cent.
Foreign institutional investors (FIIs) extended their buying streak for the fifth consecutive session on October 21, purchasing equities worth ₹96 crore, further supporting market momentum.
Among key corporate results scheduled for the day are Hindustan Unilever, Colgate-Palmolive (India), Laurus Labs, Vardhman Textiles, Tata Teleservices (Maharashtra), Sagar Cements, and PTC India Financial Services.
Globally, however, markets remained mixed. US indices lost momentum amid continued geopolitical tensions, tariff uncertainties, and a prolonged 22-day government shutdown. Safe-haven assets such as gold and silver extended their declines, while oil prices rose sharply following fresh US sanctions on Russian oil firms.
“Gold prices remain volatile, primarily due to panic selling amidst margin calls at elevated levels and a modest rise in the dollar index,” said Manav Modi, Analyst for Precious Metals Research at Motilal Oswal Financial Services.
Across Asia, markets were mostly negative — Japan’s Nikkei 225 fell 1.25 per cent, Taiwan’s Weighted Index declined 0.4 per cent, Hong Kong’s Hang Seng dipped 0.07 per cent, and South Korea’s KOSPI was down 0.06 per cent.
Despite global headwinds, analysts remain optimistic about India’s outlook. “The new Samvat year is poised for stronger, more stable performance driven by domestic fundamentals,” they said, projecting Nifty at 30,000 and Sensex near 95,000 by next Diwali.
(With agency inputs)
