Indian equity markets extended their winning streak for a second consecutive session on Thursday, driven by a sharp recovery in the information technology sector.
After four days of heavy selling, technology stocks staged a dramatic rebound, outperforming broader global tech indices that continued to face headwinds.
71%. The market move was underpinned by a combination of macroeconomic tailwinds.
The rally was broad-based, with the BSE Sensex crossing the 77,400 mark and the Nifty 50 adding 150 points to close at 24,170, rising 0.71%.
The market move was underpinned by a combination of macroeconomic tailwinds.
Falling crude oil prices provided immediate relief to India’s current account deficit outlook, while positive sentiment from newly announced investment deals with Japan bolstered investor confidence.
These factors helped Indian benchmarks outperform their broader Asian peers, which struggled with mixed global cues.
The IT sector’s reversal is particularly notable given the recent pressure on global technology valuations.