India’s BSE Sensex extended its advance on Thursday, closing 2.1% higher at 74,316 — its strongest single-day gain since June 12 — and fully reversing the previous session’s decline. The uptrend was broad-based, led by information technology and banking stocks, as optimism over corporate earnings buoyed investor sentiment.
The rally unfolded despite weakness in global technology shares, where concerns over stretched AI-related valuations and hotter-than-expected US inflation pressured overseas markets. Domestically, Tech Mahindra was the top performer, jumping 4.6% ahead of its earnings release, while HCL Tech rose 2.6% and TCS climbed 2.3%.
In the banking space, ICICI Bank and HDFC Bank advanced 4.2% and 2.5%, respectively, as investors positioned themselves ahead of the lenders’ quarterly results due over the weekend. Among heavyweight conglomerates, Bharti Airtel gained 2.9% and Reliance Industries added 2.8%, supported by news that Reliance unit Jio Platforms plans to launch what is set to be India’s largest initial public offering (IPO).