Mumbai, Jan 23 – The stock markets continued their upward trajectory for the second consecutive day on Thursday, buoyed by robust buying activity in the IT, consumer durables, and commodity sectors, reflecting a generally positive sentiment in global markets.

In a session marked by volatility, the 30-share Sensex index increased by 115.39 points, or 0.15%, closing at 76,520.38. The index initially opened lower, dipping by 202 points to a low of 76,202.12, but later recovered, surging by 338.55 points, or 0.44%, to reach a peak of 76,743.54.

The broader NSE Nifty also saw gains, rising by 50 points, or 0.22%, to finish at 23,205.35.

Among the notable gainers in the Sensex pack were UltraTech Cement, Mahindra & Mahindra, Sun Pharmaceutical, Zomato, Tech Mahindra, Tata Steel, Tata Motors, Titan, ITC, and Bajaj Finance. Conversely, the laggards included Kotak Mahindra Bank, HCL Technologies, PowerGrid, Reliance Industries, State Bank of India, Hindustan Unilever, IndusInd Bank, Nestle India, and Axis Bank.

Vinod Nair, Head of Research at Geojit Financial Services, commented on the market’s uncertainty regarding trade tariff measures and their potential impact on global trade, inflation, and currency volatility. He noted that the market has shown a declining trend year-to-date, with a temporary pause as investors await the upcoming 2025 budget, which is expected to have muted expectations. However, he highlighted that in-line Q3 results indicating quarter-on-quarter growth suggest a more favorable Q4 ahead.

In the broader market, the BSE smallcap index rose by 0.67%, while the midcap index surged by 1.78%. Sector-wise, Consumer Durables led the gains with a 1.95% increase, followed by Commodities at 1.86%, Focused IT at 1.79%, Information Technology at 1.51%, Services at 1.42%, and both Consumer Discretionary and Healthcare sectors rising by 1.28% each. The only sectors that faced declines were Energy, Bankex, and Oil & Gas.

Overall, market breadth was positive, with 2,119 stocks advancing, 1,842 declining, and 106 remaining unchanged on the BSE. The market capitalization of BSE-listed companies increased by Rs 2,75,359.24 crore, reaching Rs 4,24,63,686.80 crore, equivalent to USD 4.91 trillion.

Despite a slow start, the benchmark indices rebounded, primarily driven by gains in the IT sector, which were further supported by optimism surrounding President Donald Trump’s private-sector investment plan for AI infrastructure. However, concerns regarding a potential moderation in earnings tempered some of the gains, according to Ameya Ranadive, Chartered Market Technician and Senior Technical Analyst at StoxBox.

In Asian markets, Tokyo, Shanghai, and Hong Kong were trading positively, while Seoul experienced a downturn. The US markets also closed higher in overnight trading on Wednesday.

Global oil benchmark Brent crude saw a slight decline of 0.34%, trading at USD 78.73 a barrel. Additionally, Foreign Institutional Investors (FIIs) sold equities worth Rs 4,026.25 crore on Wednesday, as per exchange data.

On the previous day, the 30-share BSE Sensex had surged by 566.63 points, closing at 76,404.99, while the NSE Nifty climbed by 130.70 points to settle at 23,155.35.