Indian stock markets extended gains for the second consecutive session on Thursday, with benchmark indices trading sharply higher in late morning deals, driven by strong buying in banking, metal, pharma and utility stocks. Positive global cues and firm Asian markets also supported investor sentiment, although IT stocks continued to remain under pressure. At 11:44 am, the BSE Sensex was trading at 75,320.58, up 711.60 points or 0.95 percent, while the NSE Nifty 50 gained 241.40 points or 1.03 percent to trade at 23,654.00. Earlier in the session, the Sensex index was seen at 75,295.22, higher by 686.24 points or 0.93 percent, while the Nifty 50 advanced 237.15 points or 1.01 percent.
Despite the strong rally in benchmark indices, overall market breadth remained weak. Around 2,051 shares declined compared to 1,542 advances, indicating selective buying in heavyweight stocks. Sectorally, banking and metal stocks emerged among the top gainers, while healthcare and utility counters also traded firmly in positive territory. Pharma shares extended their rally in late morning trade, with the Nifty Pharma index rising 2.05 percent to become the top-performing sectoral index of the day. However, IT stocks remained under pressure even as broader markets surged. The Nifty IT index slipped 2.49 percent amid continued weakness in technology counters.
Global markets also offered support to domestic equities. Asian markets traded mostly higher on Thursday, led by Hong Kong’s Hang Seng index, which climbed 1.70 percent. South Korea’s Kospi gained 1.38 percent, while Japan’s Nikkei 225 rose 0.63 percent. Australia’s S&P/ASX 200, however, traded marginally lower by 0.04 percent. Meanwhile, oil prices steadied as investors closely monitored developments surrounding the meeting between U.S. President Donald Trump and Chinese President Xi Jinping in Beijing. Concerns related to the Iran war continued to lend support to crude prices.
Brent crude traded below $106 per barrel after falling 2 percent in the previous session, while West Texas Intermediate hovered near $101 per barrel. Trump said that the U.S.-China relationship would be “better than ever” and added that trade between the two nations would be reciprocal. Xi Jinping stated that common interests between the two countries outweighed differences and stressed the need to steer bilateral relations in the right direction.
The talks are also expected to focus on Taiwan, the Iran conflict and maritime security issues, including the Strait of Hormuz. Several global business leaders, including Elon Musk, Tim Cook and Kelly Ortberg, are expected to join the discussions, highlighting the importance of corporate supply chains and global trade ties.