Indian shares posted modest gains on Thursday, with financial stocks leading the charge. Analysts pointed to the sector’s attractive valuations as a key driver of the rally, although trading volumes remained thin amid a lack of major market catalysts and the year-end lull.
As of 10:03 a.m. IST, the Nifty 50 rose 0.2%, reaching 23,774.7 points, while the BSE Sensex climbed 0.16% to 78,599.92.
“The Nifty is consolidating within a narrow range of 23,900 to 23,500 this week, reflecting indecision among market participants,” said Mandar Bhojane, a research analyst at Choice Broking.
With the market showing caution, analysts expect greater clarity on market direction to emerge after the corporate earnings season begins in the second week of January.
Sector Performance: Out of 13 major sectors, eight advanced. Financials, a key sector with a significant market weight, rose 0.5%, driven by investor interest in stocks with cheaper valuations amid the broader market uncertainty.
However, the broader small-cap and mid-cap indices dipped by 0.2%, reflecting weaker performance in these segments.
Stock Highlights:
- Panacea Biotech surged 5% after securing a $14.95 million order from UNICEF for 115 million doses of its bivalent oral polio vaccine (bOPV) for 2025.
- Ramky Infrastructure gained 3% following a ₹2.15 billion ($25 million) order win.
- Ola Electric rose 4% as it expanded its network to 4,000 stores, marking a 10% rise in December, positioning it for its best month since its August listing.
- Ceigall India jumped 3.5% after announcing a deal with the National Highways Authority of India (NHAI) for a project worth ₹9.81 billion.
As the year nears its end, market sentiment remains cautious, with investors looking ahead to the earnings season for clearer signals.
