<p>The domestic equity benchmark indices rallied on Thursday led by buying in IT and bank stocks amid higher inflation print in US, <a href="https://www.mid-day.com/business/business-news/article/rupee-gains-31-paise-to-9486-against-us-dollar-amid-rbi-measures-23655170" target="_blank" rel="none noopener">appreciating rupee</a>, easing crude oil prices.&nbsp;</p>
<h2>Sensex and Nifty surge</h2>
<p>The 30-share BSE Sensex soared 1,533.72 points, or 2.11 per cent, to settle at 74,315.61. The 50-share NSE Nifty jumped 374.65 points, or 1.66 per cent, to close at 22,997.35.</p>
<p>"Indian equities rallied sharply as concerns over stretched AI valuations and higher US inflation triggered a sell-off across tech-heavy global markets, improving India's relative appeal and encouraging rotation toward domestic large-cap technology, private financials and defensive heavyweights. Correcting bond yields, rupee stability and softening crude prices further supported sentiment, while hope of possible reconsideration of equity taxation added to risk appetite," Vinod Nair, Head of Research, Geojit Investments said.&nbsp;</p>
<h2>Gainers and laggards</h2>
<p>From the 30 Sensex constituents, only three ended lower. Bharat Electronics, Trent and Hindustan Unilever were the only laggards. Tech Mahindra, ICICI Bank, Reliance Industries, Bharti Airtel, Eternal and HCL Tech were the major gainers.</p>
<p>The shares of Tech Mahindra rose 4.61 per cent, ICICI Bank stock gained 4.17 per cent and <a href="https://www.mid-day.com/business/business-news/article/reliance-industries-shares-climb-3-per-cent-as-jio-platforms-sets-ipo-price-band-23655200" target="_blank" rel="none noopener">shares of Reliance Industries</a> gained 4.03 per cent.&nbsp;</p>
<p>"Among the sectoral indices, the IT and private bank indices rallied over 1.50 per cent, whereas the PSU bank and media indices fell nearly 1.5 per cent &nbsp;despite strong momentum," Shrikant Chouhan, Head Equity Research, Kotak Neo said.</p>
<p>On Wednesday, the Sensex dropped 251.89 points or 0.34 per cent to end at 72,781.89, while the Nifty slipped 99.25 points or 0.44 per cent to settle at 22,622.70.</p>
<h2>Global cues</h2>
<p>Brent crude, the global oil benchmark, declined 2.34 per cent to USD 103.6 per barrel, according to news agency PTI.</p>
<p>"Near-term sustainability will therefore depend on Q2 earnings delivering on revenue and margins, broader market participation and evidence of returning foreign flows, while durable stability in oil and the currency remains crucial amid geopolitical and global inflation risks," Nair said.</p>
<p><a href="https://www.mid-day.com/business/business-news/article/market-round-up-fiis-offload-equities-worth-rs-34970-crore-diis-buy-rs-33460-crore-of-equities-23653183" target="_blank" rel="none noopener">Foreign Institutional Investors (FIIs)</a> were net sellers and offloaded equities worth Rs 1,857.44 crore, while Domestic Institutional Investors (DIIs) were net buyers and purchased equities worth Rs 2,670.44 on Wednesday, according to exchange data.</p>
<p>In Asian markets, South Korea's Kospi, Japan's 225 index, Shanghai's SSE Composite index and Hang Seng index all ended lower.</p>
<p><em><strong>(With inputs from PTI)</strong></em></p>

The Sensex surged 1,533.72 points, or 2.11 per cent, to settle at 74,315.61, while the Nifty climbed 374.65 points, or 1.66 per cent, to close at 22,997.35

Sensex soars over 1,530 points amid easing crude oil prices, appreciating rupee

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The 30-share BSE Sensex soared 1,533.72 points, or 2.11 per cent, to settle at 74,315.61. The 50-share NSE Nifty jumped 374.65 points, or 1.66 per cent, to close at 22,997.35

Sensex soars over 1,530 points, Nifty gains 375 points amid easing crude oil prices

Sensex and Nifty surge

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Home / Business / Stock Market / Article / Sensex soars over 1,530 points, Nifty gains 375 points amid easing crude oil prices