Indian equities snapped a seven-session decline on Thursday as a reversal in global bond yields and a weaker dollar boosted risk appetite, with the Nifty 50 ending higher amid technical support and positive sector performance.
Indian shares broke a seven-session slide on Thursday as a sharp turn in global bond and currency markets lifted appetite for risk. The Nifty 50 ended the day at 24,231.85, up 153.55 points, while the Sensex rose 628.04 points to 77,537.72. Reuters-style market commentary from Geojit Investments said a fall in long-term US Treasury yields and a weaker dollar helped emerging markets, though it also warned that stubbornly high crude prices were still clouding the outlook for inflation and corporate earnings. The move came after the index found buyers near the psychologically important 24,000 mark.
Trading stayed relatively contained because the session coincided with weekly expiry, and the Nifty moved within its narrowest intraday band since early August. Dealers said the recovery was helped by technical support around 24,000, a level that also lines up with a key Fibonacci retracement and an upward trendline drawn from earlier swing lows. Among individual stocks, Eternal, Shriram Finance and Kotak Mahindra Bank led the gainers, while Tata Consumer, Hindalco and IndiGo slipped. Sector performance was broadly positive, with media and realty leading and public sector banks lagging.
The broader market joined the rebound. The Nifty Midcap 100 advanced 0.4 per cent and the Nifty Smallcap 100 climbed 0.7 per cent, while market breadth turned firmly positive. Gold-loan lenders also gained after bullion prices surged, and sugar stocks extended their rally on firmer domestic prices and expectations of festive demand. In currency trade, the rupee ended a three-day losing run, strengthening 5 paise to 95.70 against the dollar as the greenback fell to multi-month lows versus major peers.
Commodity moves added to the shift in sentiment. MCX Gold rose about 2.3 per cent to ₹1,58,100, while COMEX gold moved higher as lower US yields and a weaker dollar supported the metal. Brent crude stayed elevated near $94 a barrel, with West Texas Intermediate around $86.6, keeping pressure on inflation and India’s current account in focus. The Reserve Bank of India’s August monetary policy minutes were also closely watched, with analysts describing them as among the most hawkish in recent months because several members kept the door open to further tightening if inflation fails to ease. Traders now see 24,300-24,375 as the immediate resistance zone for the Nifty, with 24,000-24,050 acting as near-term support.
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