Benchmark index Nifty 50 bounced back on Thursday, driven by financial stocks. This rise followed gains in the US markets after the Federal Reserve’s latest meeting minutes raised hopes for potential interest rate cuts in the US economy.

The Nifty gained 16.50 points, closing at 24,998.45, after starting the session 1,210.3 points below its recent record high of 26,277.35. The Sensex increased by 144.30 points, finishing at 81,611.41.

On Thursday, financial stocks, especially HDFC Bank and Kotak Mahindra Bank, strongly supported the Nifty and Nifty Bank indices.

The Nifty Midcap 100 Index dropped by 166.80 points to settle at 58,935.85, but market breadth favoured advancing stocks. The Nifty Bank rose by 523.90 points, closing at 51,530.90, with Kotak Mahindra Bank being the top gainer on the Nifty, up by 4%.

Pharma stocks experienced heavy selling, causing a 2% drop in the sectoral index. Adani Enterprises rebounded in the last hour, closing 4% higher than its earlier lows. TCS ended nearly 2% off its highs ahead of Q2 results.

Puravankara gained 2% in morning trade following its September quarter update but finished the session down 1.8%.

Defence giants such as Bharat Dynamics and Hindustan Aeronautics saw gains after the Cabinet Committee on Security cleared two crucial defence deals.

IREDA shares rose 1% before its board meeting to declare September quarter results. Suzlon Energy announced a 400 MW wind power deal to decarbonize steel production, but its stock fell 1.4%.

Star Health and Allied Insurance shares dropped over 2% due to a significant data leak affecting over 3 crore customers.

The future of investing is here! Unicorn Signals leverages advanced AI technology to provide you with powerful market predictions and actionable stock scans. Download the app today and 10x your trading & investing journey!