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RBI rate cut hopes lift Sensex, Nifty; banks and Reliance lead gains
Indian equities climbed on Thursday as investors anticipated a rate cut by the Reserve Bank of India (RBI). The Sensex rose 444 points (0.5 per cent) to close at 81,442, while the Nifty gained 131 points (0.5 per cent) to settle at 24,751. The rally was led by strong performances in ICICI Bank and Reliance Industries.
Reliance Industries advanced after JP Morgan raised its target price, citing improved earnings prospects. ICICI Bank gained on expectations of a third consecutive rate cut by the RBI on Friday, with subdued inflation providing room to prioritise economic growth. HDFC Bank also contributed to the gains, rising 0.5 per cent.
Sectorally, rate-sensitive stocks—including PSU banks, NBFCs and auto—remained in focus. Pharma and healthcare indices rose over a per cent each amid optimism around a potential India–US trade deal, as American officials held talks in New Delhi. A dip in the US 10-year bond yield, reflecting a slowing US economy, further supported sentiment in emerging markets like India.
Market breadth remained strong, with 2,257 stocks advancing against 1,725 declines. Nearly two-thirds of Sensex constituents ended higher, with Eternal leading the pack—soaring 4.5 per cent and emerging as the third-largest contributor to the index's gains.
Ajit Mishra, SVP–research at Religare Broking, noted, 'The Nifty has reclaimed its 20-daily exponential moving average. Sustaining above this level is crucial for further upside; otherwise, profit-taking could resurface.'
Going forward, global cues—including US trade negotiations and economic trends—will influence market direction.
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