New Delhi [India], July 9 (ANI): Indian equity markets closed higher on Thursday after staging a recovery from the previous session’s sharp sell-off, although late profit-booking pared some of the gains.
The BSE Sensex settled at 76,782.14, gaining 278.54 points, or 0.36%, while the NSE Nifty 50 ended at 23,972.65, up 90.60 points, or 0.38%.
According to SBI Securities, Indian equities witnessed a strong recovery after Wednesday’s sharp decline. However, selling pressure toward the end of the session limited gains in both the Sensex and Nifty to around 0.3% each.
Broader markets also participated in the rebound, with the Nifty Midcap 100 and Smallcap 100 outperforming the benchmark indices, ending 1.4% and 1.8% higher, respectively. Except for the Auto and IT sectors, all sectoral indices on the NSE closed in positive territory, with Nifty Realty emerging as the top gainer, rising 3.5%.
SBI Securities said, “Market recovery was largely supported by the IMF’s latest assessment that India remains among the fastest-growing major economies despite a challenging global environment. While the IMF marginally lowered its FY27 growth forecast to 6.4% from 6.5% earlier, the resilience of domestic demand, strength in services activity and an upgrade to its FY28 growth outlook (from 6.5% to 6.7%) reinforced confidence in India’s medium-term growth trajectory.”
The brokerage added that the IMF also highlighted better-than-expected recent economic data and encouraging high-frequency indicators, suggesting that India’s underlying economic momentum remains intact.
According to market experts, the benchmark indices managed to end the session above key support levels, keeping the broader market structure positive.
Riyank Arora, Associate Vice President of HNI & Derivatives at Hedged.in, said, “Indian equity markets ended higher in today’s session, extending their positive momentum as buying interest emerged across key sectors. The benchmark indices managed to close above important support levels, keeping the broader market structure positive.”
Commenting on key levels, Arora said, “Immediate support is placed around 76,500-76,300, while resistance is seen near 76,900-77,100. A breakout above this range could strengthen the ongoing bullish trend.”
The domestic market’s upward trajectory coincided with mixed trends across Asian markets. Japan’s Nikkei 225 climbed 1.99% to 68,175.00, while Singapore’s Straits Times Index gained 1.18% to 5,433.88. The GIFT Nifty also traded 0.44% higher at 23,983.50.
However, Hong Kong’s Hang Seng Index and Taiwan’s Weighted Index lost momentum.
On the market outlook, Arora added, “The market continues to display resilience despite intermittent volatility. As long as benchmark indices hold above their key support levels, the broader outlook remains constructive. Traders may continue to adopt a buy-on-dips strategy while maintaining disciplined risk management.”
At the time of reporting, Brent crude futures rose 0.10% to USD 78.10 per barrel, while gold prices were up 0.85% at USD 4,109.91 per ounce.
Meanwhile, Dow Jones Futures traded 0.04% lower at 52,326.73 points, while the Nasdaq gained 0.20% to 25,870.65 points. (ANI)
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